Credo Tech is poised to benefit from a multi-year scale-out in custom data center infrastructure markets, driven by AI workloads and hyperscaler demand for efficiency. Broadcom's strong AI revenue growth and industry insights highlight a significant CAGR for custom networking solutions, benefiting companies like Credo. Credo's revenue and gross margins are accelerating, with management optimistic about future growth driven by AEC product adoption and market expansion.
Does Credo Technology Group Holding Ltd. (CRDO) have what it takes to be a top stock pick for momentum investors?
Credo Technology Group (CRDO) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
Credo Technology Group (CRDO) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
Credo Technology (CRDO) closed on Tuesday with a near-50% climb in its stock price. George Tsilis points to the company's connection in the A.I.
Shares of data center cable company Credo Technology (CRDO 45.40%) rocketed on Tuesday, with shares up 47.3% as of 1:11 p.m. ET.
Credo Technology Group Holding Ltd CRDO reported better-than-expected second-quarter financial results and issued strong guidance on Monday.
Credo Technology Group Holding Ltd CRDO shares jumped almost 40% in early trading on Tuesday.
Shares of Credo Technology Group Holding (CRDO) soared 40% to an all-time high Tuesday, a day after the provider of high-speed connectivity solutions for data centers posted better-than-expected results and guidance on strong demand for products that support artificial intelligence (AI).
US equity majors fell slightly on Tuesday after the S&P 500 and the Nasdaq hit record highs in the previous session. Investors will be focusing on key US labour data, scheduled to be released later this week, and also monitoring comments from the Federal Reserve officials.
I reiterate a “Buy” rating on Credo Technology Group Holding with a one-year price target of $75 per share, driven by strong revenue growth and market leadership. Credo Technology reported a 63.6% year-over-year revenue growth, exceeding expectations, and anticipates 126% growth in Q3, driven by AI and data center demands. The company's innovative AEC products and strong market position in Ethernet connectivity solutions are key factors supporting its growth and competitive edge.
The company's latest results indicate a stronger pace of investment from customers such as Microsoft and Amazon.com.