Goldman Sachs analyst James Schneider is staying cautious on Marvell Technology (MRVL) even after the chipmaker delivered another solid quarter. Schneider reiterated a Neutral rating and $195 price target, saying the stock could remain “range bound” after results that largely matched expectations. He believes the next move will depend on how quickly Marvell’s custom compute business grows in the second half of fiscal 2027.
Marvell reported $2.74 billion in fiscal Q2 revenue, up 37% year over year, while adjusted EPS came in at $0.94. Both figures topped Wall Street’s estimates of $2.71 billion and $0.93, respectively. Q3 guidance was also slightly above expectations, with revenue seen at $3.15 billion versus the $3.04 billion consensus.
Why Goldman Thinks Marvell Stock Could Stay Range-Bound
Marvell’s strong results did not change Goldman’s view because the quarter was largely in line with what investors were already expecting. The stock had gained about 185% in 2026, and Schneider said expectations were elevated going into the report.
Goldman now wants to see how much the custom compute business can add in the second half of fiscal 2027. The firm also wants updates on Marvell’s 2027 and 2028 Data Center revenue targets. Schneider is looking for evidence that growth in the company’s largest business can continue at a pace that supports higher expectations.
There are also questions around Marvell’s major customer relationships. Goldman wants more detail on the expanded Google (GOOGL) partnership and is watching the ASIC revenue ramp at Microsoft (MSFT).
Is MRVL Stock a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on MRVL stock based on 20 Buys, five Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average MRVL price target of $299.32 per share implies 24% upside potential. (See MRVL Stock Forecast).
