Credo Shares Pop As Multiple Analysts Initiate Coverage And See Sharp Upside

Multiple analysts initiated coverage on Credo Technology Group Holding Ltd CRDO with a positive stance.
Goldman Sachs analyst Toshiya Hari initiated coverage on Credo with a Buy rating and price target of $23 (51.3% upside).
Stifel analyst Tore Svanberg initiated coverage on Credo with a Buy rating and price target of $20 (31.6% upside).
BofA analyst Vivek Arya initiated coverage of Credo with a Buy rating and $20 price target, which represents 30% upside potential.
The analyst says Credo's sales will likely grow at a 65% pace towards nearly $400 million by 2024.
Needham analyst Quinn Bolton initiated coverage of Credo with a Buy rating and $20 price target.
Credo should "meaningfully outgrow" its data center total addressable market over the next three years and be one of the fastest revenue growth stories in semiconductors over this period.
Cowen analyst Karl Ackerman initiated coverage of Credo with an Outperform rating and $19 price target (25% upside). The company is well-positioned to solve bandwidth and data transfer problems in data centers and 5G telecom networks.
The analyst sees a "credible path" to $70c in EPS in 2024 as Credo's sales "quadruple from here."
Craig-Hallum analyst Richard Shannon initiated coverage of Credo with a Buy rating and $19 price target.
The analyst believes Credo is poised to take material share in the data center connectivity markets over the next few years.
While this is an ambitious task competing against behemoths Broadcom Inc AVGO and Marvell Technology Inc MRVL, Credo's customer list demonstrates its value-add.
As Credo transitions from IP to product company that accelerates growth, it's the perfect time to own this stock.
Mizuho analyst Vijay Rakesh initiated coverage on Credo with a Buy rating and price target of $19.
Price Action: CRDO shares traded higher by 1.97% at $15.50 in the market on the last check Tuesday.

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