Analyst Joshua Buchalter of TD Cowen reiterated a Buy rating on Credo Technology Group Holding Ltd (CRDO – Research Report), with a price target of $85.00.
Joshua Buchalter has given his Buy rating due to a combination of factors that highlight Credo Technology Group Holding Ltd’s strong performance and growth potential. The company’s Active Electric Cable (AEC) franchise is driving significant revenue growth, with a notable beat in recent quarters and an optimistic outlook for future quarters. This growth is largely attributed to Amazon’s increased deployment of AECs, which has propelled revenue to record levels.
Despite concerns about revenue concentration, with Amazon accounting for a significant portion of Credo’s revenue, Joshua believes these worries are overstated. The company expects this concentration to decrease in the coming quarters as it anticipates gaining additional major customers. Furthermore, Credo’s management has projected robust growth into fiscal year 2026, suggesting that the company’s revenue base will continue to diversify and expand. These factors contribute to the positive outlook and the Buy rating for Credo’s stock.
Buchalter covers the Technology sector, focusing on stocks such as STMicroelectronics, Advanced Micro Devices, and Lattice Semiconductor. According to TipRanks, Buchalter has an average return of -11.3% and a 31.19% success rate on recommended stocks.
In another report released today, Needham also maintained a Buy rating on the stock with a $80.00 price target.
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