Credo Technology price target raised to $165 from $120 at BofA

BofA raised the firm’s price target on Credo Technology (CRDO) to $165 from $120 and keeps a Buy rating on the shares following the fiscal Q1 report. The company reported the strongest “beat and raise” among its artificial intelligence peers and continues to diversify its customer base, the analyst tells investors in a research note. The firm upped estimates by 30%-40% and now sees $5 in long-term earnings per share power for Credo. The company’s core business growth can sustain at a 25%-30% annual pace over the next few years, contends BofA.