Friday, February 25, 2022 7:29:40 AM
Initiate Coverage and See Sharp Upside
February 22, 2022 10:01 AM ET (BZ Newswire) -- News
Multiple analysts initiated coverage on Credo Technology Group Holding Ltd (NASDAQ:CRDO) with a positive stance.
Goldman Sachs analyst Toshiya Hari initiated coverage on Credo with a Buy rating and price target of $23 (51.3% upside).
Stifel analyst Tore Svanberg initiated coverage on Credo with a Buy rating and price target of $20 (31.6% upside).
BofA analyst Vivek Arya initiated coverage of Credo with a Buy rating and $20 price target, which represents 30% upside potential.
The analyst says Credo's sales will likely grow at a 65% pace towards nearly $400 million by 2024.
Needham analyst Quinn Bolton initiated coverage of Credo with a Buy rating and $20 price target.
Credo should "meaningfully outgrow" its data center total addressable market over the next three years and be one of the fastest revenue growth stories in semiconductors over this period.
Cowen analyst Karl Ackerman initiated coverage of Credo with an Outperform rating and $19 price target (25% upside). The company is well-positioned to solve bandwidth and data transfer problems in data centers and 5G telecom networks.
The analyst sees a "credible path" to $70c in EPS in 2024 as Credo's sales "quadruple from here."
Craig-Hallum analyst Richard Shannon initiated coverage of Credo with a Buy rating and $19 price target.
The analyst believes Credo is poised to take material share in the data center connectivity markets over the next few years.
While this is an ambitious task competing against behemoths Broadcom Inc (NASDAQ: AVGO) and Marvell Technology Inc (NASDAQ: MRVL), Credo's customer list demonstrates its value-add.
As Credo transitions from IP to product company that accelerates growth, it's the perfect time to own this stock.
Mizuho analyst Vijay Rakesh initiated coverage on Credo with a Buy rating and price target of $19.
Price Action: CRDO shares traded higher by 1.97% at $15.50 in the market on the last check Tuesday.
Recent CRDO News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/22/2024 09:56:46 PM
- Credo to Present at Stifel 2024 Cross Sector Insight Conference • GlobeNewswire Inc. • 05/21/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 09:36:58 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/14/2024 09:13:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/14/2024 09:12:50 PM
- Credo Schedules Fourth Quarter and Fiscal Year 2024 Financial Results Conference Call • GlobeNewswire Inc. • 05/08/2024 01:00:00 PM
- Credo at TSMC 2024 North America Technology Symposium • Business Wire • 04/23/2024 01:00:00 PM
- Credo Technology Group Holding Ltd Announces Appointment of Industry Veteran Clyde Hosein to Board of Directors • Business Wire • 04/02/2024 09:35:00 PM
- Credo and Wistron to Demonstrate 800G Linear Receive Optics with 51.2Tbs Switch Platform at OFC 2024 • Business Wire • 03/26/2024 01:00:00 PM
- AOI and Credo to Showcase 400G and 800G MMF Solutions at OFC 2024 • Business Wire • 03/25/2024 01:00:00 PM
- Credo to Participate in CEO Panel at Optica Executive Forum at OFC 2024 • Business Wire • 03/21/2024 01:00:00 PM
- Credo Technology Group to Showcase Latest Optical Solutions at OFC 2024 • Business Wire • 03/20/2024 01:00:00 PM
- Credo Introduces HiWire AECs to Support 400G AI/ML Backend Networks • Business Wire • 03/19/2024 01:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/11/2024 08:35:33 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/11/2024 08:35:11 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/11/2024 08:34:52 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:03:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:02:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:00:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:58:54 PM
- Credo to Present at 36th Annual Roth Conference • GlobeNewswire Inc. • 03/04/2024 02:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/29/2024 09:53:34 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/27/2024 09:22:27 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/27/2024 09:11:20 PM
- Credo Technology Group Holding Ltd Reports Third Quarter of Fiscal Year 2024 Financial Results • GlobeNewswire Inc. • 02/27/2024 09:05:00 PM
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