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Credo Technology Group Holding Ltd (CRDO) recently announced better-than-expected second-quarter financial results, with quarterly earnings of 7 cents per share and sales of $72 million, exceeding analysts’ estimates. The company’s President and CEO, Bill Brennan, highlighted a record revenue of $72 million, up 21% sequentially and 64% year over year. This success was attributed to strong demand in AI deployments and robust customer relationships.
Credo Technology Group also provided strong guidance for the third quarter, forecasting revenue between $115 million to $125 million, significantly surpassing market estimates of $86.042 million. Following this news, the company’s stock surged by 46.1% to $69.82 on Tuesday.
Various analysts reiterated their positive outlook on Credo Technology Group, with price target upgrades following the earnings announcement. Needham, B of A Securities, Barclays, Stifel, and Craig-Hallum analysts all maintained buy ratings on the stock and increased their price targets, indicating confidence in the company’s future performance.
Investors considering purchasing CRDO stock may find these analyst recommendations valuable in their decision-making process. As always, it is recommended to conduct further research and consult with a financial advisor before making any investment decisions.
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