Marvell Has Revenue Acceleration Potential in 2027, 2028, RBC Says

11:19 AM EDT, 09/28/2026 (MT Newswires) -- Marvell Technology (MRVL) is one of the few semiconductor stocks with revenue acceleration potential in 2027 and 2028, RBC said in a Sunday preview note ahead of its investor day event on Oct. 6. Marvell is expected to provide more detail on how much revenue its custom program with Alphabet's (GOOG, GOOGL) could generate, RBC analysts said. They believe that the company is currently shipping custom CXL silicon to Google, with projected revenue of $1 billion for 2028. "We expect initial revenue ramps starting in late CY27 and expect management to raise its CY28 (FY29) AI revenue forecast by at least $2B from the prior $10B+," the analysts said. They also expect Marvell to slightly increase revenue contribution from Microsoft (MSFT) XPU programs in fiscal 2028. Further, Marvell could present 2030 targets for data center total addressable market and market share targets, the note said. "We are leaving our estimates unchanged but continue to like the story given >50% revenue growth potential for the next 2-3 years," the note said. RBC kept its outperform rating with a price target of $360. Price: 249.10, Change: -12.83, Percent Change: -4.90