Goldman Flags Valuation Risk in Marvell Rally, Demands Clear AI Compute Upside

Goldman Sachs stays Neutral on Marvell Technology (MRVL) after another earnings beat, arguing the stock’s 2026 rally has largely priced in the good news and that meaningful upside requires faster growth in Marvell’s custom compute business. The firm maintains a $195 target and wants more detail on Google and Microsoft partnerships and on 2027–2028 data-center revenue targets, with an analyst day as a potential catalyst. Marvell beat Q2 results (revenue $2.74B, up 37% YoY; adjusted EPS $0.94) and guided Q3 revenue to about $3.15B, but Goldman suggests the bar is high to justify higher multiples given the steep rally.