Quinn Bolton, an analyst from Needham, maintained the Buy rating on Credo Technology Group Holding Ltd. The associated price target is $150.00.
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Quinn Bolton has given his Buy rating due to a combination of factors including Credo Technology Group Holding Ltd’s impressive financial performance and growth prospects. The company has exceeded expectations with its recent revenue guidance, surpassing estimates by a significant margin, which highlights its strong position in the market.
Additionally, Credo’s strategy of diversifying its revenue base by expanding its customer portfolio and increasing its presence in the AEC sector is expected to drive further growth. The company’s ability to attract multiple large customers and its potential to scale up networks contribute to a positive outlook. Consequently, Bolton has raised the 12-month price target for Credo, reflecting confidence in the company’s future earnings potential.
In another report released today, Barclays also maintained a Buy rating on the stock with a $165.00 price target.
Based on the recent corporate insider activity of 145 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CRDO in relation to earlier this year.