Credo Tech (CRDO) Reiterated at Buy by Stifel: Expected to Beat Estimates

Stifel analyst Tore Svanberg reiterated a Buy rating and $350.00 price target on Credo Tech (NASDAQ: CRDO).

The analyst commented, "We expect Credo to beat our / Consensus Jul Q estimates of $470.0mn (+7.6% q/q) revenue (Street $472.1mn) and our NG EPS estimate of $1.20 (Street $1.17). We see potential upside driven by AEC ramps at multiple hyperscalers, optical products ramping, and scale-up potentially beginning to layer in during F1H27E. We think Credo could guide above our / Consensus current Oct Q revenue estimates of $502.9mn / $518.1mn, contemplating continued strong hyperscaler cape commentary as well as the scale-up and optical ramps. Credo’s valuation has reset while estimates have risen, creating an improved entry point ahead of potential upside to its >80% FY27E growth outlook. We expect durable AEC demand and the >$600mn optical ramp to drive the year, with scale-up providing potential additional upside. We reiterate our Buy rating and our 12- month Target Price of $350 based on 42.9x CY27E P/E multiple."

For an analyst ratings summary and ratings history on Credo Tech click here. For more ratings news on Credo Tech click here.

Shares of Credo Tech closed at $230.57 yesterday.

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