Needham raised the firm’s price target on Credo Technology (CRDO) to $150 from $85 and keeps a Buy rating on the shares. The company reported another healthy beat and raise for Q1, also guiding Q2 revenue $35M above the firm’s estimate amid strength across its top three customers and the ramp of AECs – Active Electrical Cables – at a fourth hyperscaler, the analyst tells investors in a research note. AEC expansion into scale-up networks should broaden the total addressable market for Credo, the firm added.
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