- Mizuho analyst Vijay Rakesh reiterated a Buy rating on the shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO), raising the price target to $18 from $16.
- With its advanced SerDes analog design, the analyst believes Credo remains well-positioned to realize better price/power specs using lagging nodes compared to its competitors.
- Credo’s AEC could see a multi-year, multi-hyper scaler adoption trend starting with Microsoft Corporation (NASDAQ:MSFT) (ramping into FY25E, all U.S. hyper scalers covered).
- Credo will also likely gain from new AI wins at hyper scalers for AEC and Optical, ramping potentially late FY24 and into FY25E.
- The company reported Q4 results where earnings aligned with the estimates, while sales surpassed expectations.
- Credo did not update its FY24E revenue guidance but noted that it expects the April quarter to be the bottom in revenue and is cautiously optimistic in the near term in the face of a macro headwind.
- For the first quarter of FY24, the analyst raised its revenue estimates to $34 million from $30.7 million. The analyst sees an EPS loss of $(0.03), narrower than the earlier $(0.04) loss forecast.
- Price Action: CRDO shares are trading higher by 21.8% to $16.34 on the last check Thursday.
Apple ‘Selling Fear’ With Focus On Safety In New Products; Analysts See More Reasons For Consumers To Upgrade To iPhone 14
The September event from Apple Inc (NASDAQ: AAPL) revealed details of the new iPhone 14, Apple Watch and Airpods. Here’s what analysts think of the updates and what it could mean for the future of the technology giant.
