JPMorgan: Marvell CY28 EPS Seen at $11, 14% Above Consensus

According to Chaoxiang Research, a JP Morgan research report dated August 24, 2026, indicates that Marvell Technology's calendar year 2028 EPS is projected to reach $11, representing a 14% upside over the current market consensus of $9.64. JP Morgan reiterates its overweight rating with a $240 target price, citing the commercialization of its custom chip collaboration with Google, the ramp-up of AWS Trainium 3, and a strong order book for Microsoft's Maia XPU. The fact that all three major cloud providers are now on its customer list shows that the market has not yet fully priced in its full-stack capabilities spanning optical communication DSPs, XPU ASICs, and switch chips. JP Morgan forecasts that Marvell's Q2 FY2027 (July quarter) earnings will land in line with or slightly above expectations, driven by robust demand for 1.6T/800G optical communication DSPs and continued customer adoption of the Teralynx 10 switch. Revenue guidance for Q3 FY2027 (October quarter) is expected to approach $3.1 billion, surpassing the market consensus of $3.028 billion, with the data center segment seeing sequential growth of 16% to 18%. The guidance calling for a 55% year-over-year increase in calendar year 2027 data center revenue is highly likely to be revised upward, as the Google partnership validates Marvell's strategic value within the cloud vendor custom chip ecosystem. Key risks include AI capital expenditure trends, ASIC competition, and customer concentration.