Melius bets Marvell ‘can get really big’ on AI, starts with a Buy

As previously reported, Melius Research initiated coverage of Marvell (MRVL) with a Buy rating and $188 price target. There is a shortage of semis names that “can get really big from here,” argues the analyst, who bets Marvell “is the next one to do it on the back of the AI theme.” The Street consensus is “well below” Marvell’s long-term goal of 20% share, or $8B, of the “custom accelerator market” for leading clouds and the firm thinks they can get there as Microsoft (MSFT) ramps from the second half of 2026-2028, the analyst tells investors.