Is Marvell (MRVL) Stock a Buy Before Wednesday’s Earnings?

TLDR

• Marvell reports Q1 FY27 earnings after the closing bell on Wednesday, May 27.
• Options traders are pricing in a move of up to 13.6% in either direction following results.
• Wall Street expects EPS of $0.80 and revenue of ~$2.41 billion, both up roughly 27–30% year-over-year.
• Stifel raised its price target to $210 and Citi raised its to $215, both maintaining Buy ratings.
• MRVL stock has more than doubled year-to-date, driven by AI data center demand and its custom chip business.

Marvell Technology (MRVL) has been one of the standout performers of 2026, up more than 130% year-to-date. Now the market is waiting to see if the company can back it up with numbers.

Marvell Technology, Inc., MRVL

Marvell is set to post Q1 FY27 results after markets close on Wednesday, May 27. The stock closed Friday at around $193, and based on current options pricing, traders are bracing for a swing of up to 13.6% in either direction by the end of the week.

A move to the upside could push MRVL past $220 — a fresh record high. A drop would bring it back toward $173, giving back a chunk of the recent rally.

For comparison, Marvell’s average post-earnings stock move over the past four quarters has been 11.73%, so the implied move this time is running a little hotter than usual.

What the Numbers Look Like

Wall Street is projecting EPS of $0.80 for the quarter, up 27.4% from a year ago. Revenue is expected to come in at approximately $2.41 billion, also up close to 30% year-over-year.

The data center segment is expected to do the heavy lifting again. It’s already Marvell’s largest revenue driver, and analysts expect that trend to continue.

Oppenheimer analysts recently raised their price target on MRVL to $200 from $170. They cited upside potential for Q1 results and the Q2 outlook as big tech companies keep spending on AI hardware.

Stifel’s Tore Svanberg went further, lifting his target to $210 from $140 while keeping a Buy rating. He pointed to data center growth, optical interconnect demand, and the company’s custom AI chip program as key drivers.

Citi’s Atif Malik also raised his target — from $118 to $215 — and held his Buy rating. He flagged strong demand for Trainium 2 ASIC chips and bumped up his earnings estimates for the company.

Marvell co-developed the Trainium 2 chip alongside Amazon Web Services, which ties it directly to one of the biggest AI infrastructure spenders in the world.

Analyst Ratings and Targets

The broader Wall Street picture is mostly bullish. Based on 23 Buy ratings and four Holds over the last three months, MRVL carries a Strong Buy consensus.

That said, the average price target of $161.67 currently sits below where the stock is trading, which reflects how quickly MRVL has run up this year and how analyst targets have struggled to keep pace.

Eleven of 13 analysts tracked by Visible Alpha have a Buy rating on the stock. Two are neutral. The stock has already blown past their mean target of $145.

The recent rally also got a lift from a new deal with Nvidia and reports that Marvell is in talks to design custom chips for Google.

Marvell’s earnings on Wednesday follow Nvidia’s own results last week, where the AI chip leader beat estimates. That gives investors fresh context on where AI spending stands heading into Marvell’s print.

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