Stock Track | Credo Technology Soars 5.31% Intraday on Analyst Upgrades and Strong AI Outlook

Stock Track06-02 21:36

Credo Technology Group Holding Ltd's stock surged 5.31% during intraday trading on Tuesday, marking a significant upward movement for the AI infrastructure connectivity specialist.

The rally follows a series of analyst price target increases from major financial institutions including Susquehanna, Needham, Mizuho, Roth Capital, BofA, and Rosenblatt Securities. These upgrades came after the company reported fiscal fourth-quarter revenue of $437 million, representing 157% year-over-year growth and exceeding its entire fiscal 2025 revenue.

CEO Bill Brennan expressed strong confidence in the company's positioning within the AI infrastructure buildout, stating that "AI clusters can't be built without our chips." The company forecasts its optical business to generate over $600 million in fiscal 2027 revenue, with three product lines each expected to contribute more than $100 million annually.

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