Citi: Marvell Raises Revenue Guidance for Two Consecutive Quarters, Google XPU-Attach Agreement Unlocks Long-Term Upside

According to TrendForce, Citigroup's August 28 research report indicated that Marvell has raised its full-year revenue guidance for the second consecutive quarter, increasing FY2027 forecasts from $11.5 billion to approximately $12 billion, and FY2028 from $16.5 billion to approximately $18 billion. Management projects data center revenue will grow by more than 60% in both FY2027 and FY2028. Second-quarter revenue came in at $2.74 billion, with non-GAAP earnings per share of $0.94. The midpoint of the third-quarter revenue guidance is $3.15 billion, representing 15% sequential growth and 52% year-over-year growth, surpassing the market consensus of $3 billion. Citigroup maintains a Buy rating with a price target of $275, based on 28 times the expected CY2028 price-to-earnings ratio.