Credo Technology Group Holding Ltd (CRDO) Shares Surge 3.45% to $96.58 Amidst Analyst Forecast.

Shares of Credo Technology Group Holding Ltd surged 3.45% on Jul 9, reaching an intraday high of $99.36 and settling at $96.58. The stock is 2.80% below its 52-week high and 329.24% above its 52-week low. Analysts forecast an average target price of $88.18, with a high estimate of $120.00 and a low estimate of $34.13, indicating a potential downside of 8.70% from the current price.

Shares of Credo Technology Group Holding Ltd (NASDAQ: CRDO) surged on July 9, reaching an intraday high of $99.36 and settling at $96.58. The stock is currently 2.80% below its 52-week high and 329.24% above its 52-week low. Analysts forecast an average target price of $88.18, with a high estimate of $120.00 and a low estimate of $34.13, indicating a potential downside of 8.70% from the current price.

The company's stock has been on a remarkable upward trajectory, hitting an all-time high of $95.81 USD in June. Over the past year, Credo Technology's stock has surged by an impressive 199.13%, driven by robust growth and investor confidence [1]. The company's strong financial performance is evident in its gross profit margin of 64.77% and exceptional revenue growth of 126.34% in the last twelve months. Additionally, the company's strong current ratio of 6.62 indicates excellent liquidity [1].

In other recent news, Credo Technology reported a 25.9% quarter-over-quarter revenue increase, surpassing previous estimates by 6.3%. Non-GAAP earnings per share reached $0.35, exceeding prior expectations by $0.08. The company provided a revenue guidance midpoint of $190 million, indicating an 11.7% quarter-over-quarter growth [1]. Analysts from Stifel have raised the price target for Credo Technology to $80, maintaining a Buy rating due to the company's robust financial performance and positive outlook [1]. Mizuho (NYSE: MFG) also raised its fiscal 2026 revenue estimates for Credo from $815 million to $832 million, while projecting fiscal 2027 revenue to reach $1.15 billion [1]. TD Cowen increased its price target to $95, highlighting Credo as its "Best Smidcap Idea for 2025" due to significant growth potential in high-speed connectivity for datacenter AI applications [1]. Noble Capital reiterated an Outperform rating with a $14 price target, noting Credo’s compelling valuation compared to industry peers [1].

While the stock's performance is impressive, InvestingPro analysis suggests that the stock may be overvalued at its current P/E ratio of 322.79 [1]. Investors should carefully consider this valuation metric before making investment decisions.

References:
[1] https://uk.investing.com/news/company-news/credo-technology-stock-hits-alltime-high-at-9581-usd-93CH-4162545
[2] https://ng.investing.com/news/company-news/credo-technology-stock-hits-alltime-high-at-9581-usd-93CH-1999649
[3] https://investors.credosemi.com/stock-info/default.aspx