BofA raised the firm’s price target on Credo Technology (CRDO) to $18 from $16 and keeps an Underperform rating on the shares. The firm raised its FY24-26 sales forecasts by 1%-6% after the “modest Q2/Q3 beat/raise,” but believes the current valuation is “full” and sees new competition from Marvell (MRVL) and others in AECs heightening share loss risk.
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