Optical Communication Stocks Mostly Rise as Credo Technology Bucks Market Trend with Over 4% Gain

Stock News06-05

Shares of Credo Technology Group Holding Ltd (CRDO.US) moved higher on Friday, bucking the broader market trend. At the time of writing, the stock was up more than 4% to $226.48.

The positive momentum follows the company's latest financial results. For its fiscal 2026 fourth quarter, revenue surged by more than 150% year-over-year. Furthermore, management has provided an outlook for fiscal 2027, forecasting full-year revenue growth of approximately 80% compared to the previous year.

This strong performance and outlook have prompted several analysts to revise their price targets upward. Needham raised its fiscal 2027 revenue forecast for Credo from $2.35 billion to $2.45 billion. The firm reiterated its "Buy" rating and increased its price target from $220 to $275.

Similarly, JPMorgan maintained its "Overweight" rating on the stock and lifted its target price from $230 to $250.

In a notably more bullish move, Roth Capital significantly raised its price target for the company from $200 to $300, while also maintaining a "Buy" rating.

Within the optical communications sector, most related stocks traded higher. Applied Optoelectronics (AAOI.US) gained over 1.6%, and Lumentum Holdings Inc (LITE.US) rose more than 1.7%. In contrast, Marvell Technology, Inc. (MRVL.US) was an outlier, declining more than 6%.

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