2025-06-16-花旗集团-美满科技公司（MRVL）_美满科技公司（MRVL.O）_定制人工智能活动预览_10页_324kb

Citi Research Report Summary: Marvell Technology Inc (MRVL.O)

• Event Preview:
  Marvell will host a Custom AI Investor Event on June 17 to highlight its strong base die I/O, SerDes IP, and high-bandwidth memory (HBM) expertise for new design activities at tier-2 clouds and AI startups. Management maintains involvement with its main ASIC customer and anticipates growth in custom ASIC sales from 2026 onward, lifting the total addressable market (TAM) estimates from the previous year.

• Financial Projections and Valuation:

  • Target price set at US$96 based on a 27x price-to-earnings (P/E) ratio on CY26E earnings per share (EPS).
  • Expected 42.9% share price return over the next 12 months, with a 0.4% dividend yield.
  • Peer comparisons suggest potential for higher sales growth akin to AVGO's 60% FY25/26 YoY increase, but Citi expects Marvell may not exceed expectations.

• Key Risks and Growth Catalysts:

  • Risks: Declining storage demand, slow networking growth, and share losses in both storage and networking sectors.
  • Upside: Higher acquisition synergies and accelerated share gains in storage and networking if customer confidence in new engagements materializes.

• Analyst and Investment Considerations:

  • Citi assigns a "Buy" rating with a 42.9% expected total return.
  • Confidence in upcoming Microsoft (MSFT) ramps and reduced concerns over AWS concentration risk may drive investor optimism.

• Disclosures and Conflicts:

  • Caution advised on conflicts of interest; Citi may have financial ties (e.g., $1M USD in debt securities) and provides non-investment banking services, sharing research.
  • Reports delivered via proprietary platforms, and recommendations may reflect broker-client engagements.