Credo Shares Pop As Multiple Analysts Initiate Coverage And See Sharp Upside

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  • Multiple analysts initiated coverage on Credo Technology Group Holding Ltd CRDO with a positive stance.
  • Goldman Sachs analyst Toshiya Hari initiated coverage on Credo with a Buy rating and price target of $23 (51.3% upside).
  • Stifel analyst Tore Svanberg initiated coverage on Credo with a Buy rating and price target of $20 (31.6% upside).
  • BofA analyst Vivek Arya initiated coverage of Credo with a Buy rating and $20 price target, which represents 30% upside potential. 
  • The analyst says Credo's sales will likely grow at a 65% pace towards nearly $400 million by 2024.
  • Needham analyst Quinn Bolton initiated coverage of Credo with a Buy rating and $20 price target. 
  • Credo should "meaningfully outgrow" its data center total addressable market over the next three years and be one of the fastest revenue growth stories in semiconductors over this period.
  • Cowen analyst Karl Ackerman initiated coverage of Credo with an Outperform rating and $19 price target (25% upside). The company is well-positioned to solve bandwidth and data transfer problems in data centers and 5G telecom networks. 
  • The analyst sees a "credible path" to $70c in EPS in 2024 as Credo's sales "quadruple from here."
  • Craig-Hallum analyst Richard Shannon initiated coverage of Credo with a Buy rating and $19 price target. 
  • The analyst believes Credo is poised to take material share in the data center connectivity markets over the next few years. 
  • While this is an ambitious task competing against behemoths Broadcom Inc AVGO and Marvell Technology Inc MRVL, Credo's customer list demonstrates its value-add. 
  • As Credo transitions from IP to product company that accelerates growth, it's the perfect time to own this stock.
  • Mizuho analyst Vijay Rakesh initiated coverage on Credo with a Buy rating and price target of $19.
  • Price Action: CRDO shares traded higher by 1.97% at $15.50 in the market on the last check Tuesday.
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