Needham raised the firm’s price target on Credo Technology (CRDO) to $70 from $43 and keeps a Buy rating on the shares. The firm cites the company’s strong Q2 earnings beat and Q3 revenue outlook well beyond estimates, with active electrical cabling – AEC – shipments inflecting even stronger than expected, the analyst tells investors in a research note. Longer-term, Needham sees Credo’s continued AEC growth being driven by higher attach rates and the transition to higher speed AECs.
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