Credo Technology initiated with a Buy at Goldman Sachs

Goldman Sachs initiated coverage of Credo Technology (CRDO) with a Buy rating and $165 price target which represents 27% upside. Credo makes high-speed, short-range wired connectivity products for the datacenter market, the analyst tells investors in a research note. The firm says the company’s active electrical cables technology provides lower cost, high bandwidth connections with high reliability relative to competing technologies for short-range datacenter connections. Goldman sees a favorable near-term setup for the stock with its estimates above consensus.

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