In a report released yesterday, Matt Ramsay from TD Cowen reiterated a Hold rating on Credo Technology Group Holding Ltd (CRDO – Research Report), with a price target of $20.00.
Geoff Meacham has given his Hold rating due to a combination of factors involving Credo Technology Group Holding Ltd’s current performance and future prospects. The company’s recent quarterly results showed a revenue increase that aligned with expectations, and projections for the next quarter suggest continued sequential growth. This growth trajectory is supported by a diversified revenue stream from the top four customers across different product lines. Additionally, the company’s margin performance was slightly better than anticipated, indicating efficient operational management.
Further influencing the Hold rating, Credo Technology Group is demonstrating its technical prowess and market relevance through public events and new product introductions. The market demand for high-performance connectivity solutions, which Credo’s product portfolio is positioned to address, is expected to grow as network requirements evolve towards 400G and 800G. The company’s advancements in technology, including its new 800G DSP product, highlight its potential to capitalize on long-term industry trends. However, the Hold rating suggests that while the company shows promise for growth and recovery, there may be factors such as market competition and execution risks that warrant a more cautious investment stance at this time.
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Based on the recent corporate insider activity of 105 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CRDO in relation to earlier this year.
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Credo Technology Group Holding Ltd (CRDO) Company Description:
Credo Technology Group Holding Ltd delivers high-speed solutions to break bandwidth barriers on every wired connection in the data infrastructure market. It provides innovative, secure, high-speed connectivity solutions that delivers improved power and cost efficiency as data rates and corresponding bandwidth requirements increase exponentially throughout the data infrastructure market.
Read More on CRDO:
- Credo Technology Group Holding Ltd Reports Second Quarter of Fiscal Year 2024 Financial Results
- Credo Technology Group options imply 10.2% move in share price post-earnings
- CRDO Earnings this Week: How Will it Perform?
- Credo Technology CEO Brennan sells 89,921 ordinary shares
- Credo Schedules Second Quarter Fiscal Year 2024 Financial Results Conference Call
