TD Cowen upgraded Credo Technology to Buy from Hold with a price target of $35, up from $24. The firm considers Credo a key technology enabler of higher linerate speed in the datacenter, especially as the industry transitions to 800G and above. Credo likely has a growth inflection in the first half of fiscal 2025 as its revenue accelerates and key programs at Microsoft and Amazon scale, the analyst tells investors in a research note. TD also expects a broadening of Credo’s customer base beyond its initial very heavy concentration at those two lead customers. It calls the stock a best SMID-cap idea.
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