Marvell (MRVL) Stock Surges 8% After CEO Unveils Massive 2031 Revenue Target

TLDR

• Marvell stock jumped nearly 8% Tuesday after its Investor Day presentation.
• CEO Matt Murphy set a Fiscal 2031 revenue target of $70 billion to $90 billion.
• That implies roughly 55% to 60% annual growth from Fiscal 2026’s $8.2 billion revenue base.
• Marvell also raised its Fiscal 2028 revenue guidance to around $20 billion, above Wall Street’s prior estimate.
• Wall Street rates the stock a Strong Buy, with an average price target of $299.29.

---

Marvell Technology stock climbed nearly 8% on Tuesday, trading as high as $290.82. The jump came after CEO Matt Murphy laid out a sweeping long-term growth plan at the company’s Investor Day in New York.

Marvell Technology, Inc., MRVL

Murphy told investors Marvell expects to generate between $70 billion and $90 billion in revenue by Fiscal 2031. That’s a huge jump from the $8.2 billion the company brought in during Fiscal 2026, which wrapped up in January.

Hitting that target would mean annual growth of roughly 55% to 60% over the next five years. It’s a number that got investors’ attention fast, and the stock moved the moment Murphy said it out loud.

Marvell didn’t stop at the 2031 number either. The company also lifted its Fiscal 2028 revenue guidance to about $20 billion, up from its earlier estimate of $18 billion.

That new figure sits comfortably above Wall Street’s prior forecast of $18.2 billion for the same year. Analysts will likely need to update their models soon.

What’s Driving the Growth Push

The short answer is AI. Demand for chips that power AI data centers has been climbing fast, and Marvell makes two kinds of products that sit right in the middle of that trend.

Marvell $MRVL now expects “approximately $20B” in total FY28 revenue, up from $18B previously, and sees $70B-$90B by FY31.

CEO Matt Murphy also said Marvell now sees a ~$400B AI market by 2030, more than 4x its prior $94B opportunity estimate for 2028. pic.twitter.com/RS7m3UxItH

— Wall St Engine (@wallstengine) October 6, 2026

The first is custom chip hardware. Marvell counts Alphabet and Amazon among its customers for these specialized components. Of the $70 billion to $90 billion target for 2031, custom chips are expected to contribute $30 billion at the midpoint.

The second piece is networking. Marvell’s interconnect business handles the job of moving data both within and between data centers. That segment alone is projected to bring in $37.5 billion by 2031.

Marvell has leaned into this AI wave for a while now. Shares are up almost 250% in 2026, and the stock trades at about 50 times projected earnings over the next year, a sign investors are pricing in a lot of future growth already.

Wall Street’s Take on the Stock

Marvell carries a Strong Buy consensus rating from analysts, built on 23 Buy ratings and five Hold ratings over the past three months. The average price target sits at $299.29.

That target implies about 2% upside from current levels, though it’s worth noting that number was set before Tuesday’s guidance update. TipRanks also gives Marvell a Smart Score of 9 out of 10, landing it in Outperform territory.

That score is built from a Strong Buy analyst consensus, bullish blogger sentiment, and very bullish news sentiment. Crowd wisdom reads neutral, and hedge fund activity has actually decreased recently.

Investors should expect analyst coverage to shift in the coming days. With revenue guidance this much higher, price targets and ratings are likely due for a refresh.

For now, the market’s reaction on Tuesday was clear. Marvell stock posted one of its strongest single-day moves of the year on the back of a guidance update that reset expectations for the next five years.