Analyst Ups Credo Technology Price Target, Sees FY24 Upswing Despite Macro Headwinds
Portfolio Pulse from Nabaparna Bhattacharya
Mizuho analyst Vijay Rakesh reiterated a Buy rating on Credo Technology Group Holding Ltd (NASDAQ:CRDO) and raised the price target to $18 from $16. Credo's advanced SerDes analog design positions it well against competitors, and it could see multi-year adoption starting with Microsoft Corporation (NASDAQ:MSFT). Q4 earnings aligned with estimates, while sales surpassed expectations.
June 01, 2023 | 5:39 pm
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POSITIVE IMPACT
Mizuho analyst raises Credo Technology's price target to $18, citing its strong position against competitors and potential multi-year adoption starting with Microsoft. Q4 earnings aligned with estimates, while sales surpassed expectations.
The raised price target and Buy rating from Mizuho analyst Vijay Rakesh indicate a positive outlook for Credo Technology. The company's advanced SerDes analog design and potential multi-year adoption starting with Microsoft are strong factors for growth. Additionally, Q4 earnings aligned with estimates and sales surpassed expectations, which could positively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Credo Technology could see multi-year adoption starting with Microsoft Corporation, potentially benefiting both companies.
Microsoft's potential adoption of Credo Technology's advanced SerDes analog design could lead to a multi-year, multi-hyper scaler adoption trend. This could benefit both companies in terms of growth and revenue. However, the impact on Microsoft's stock price may be less significant due to its size and diverse product portfolio.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50