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Investing.com - Mizuho has raised its price target on Credo Technology Group Holding Ltd (NASDAQ:CRDO) to $165.00 from $155.00 while maintaining an Outperform rating on the stock.
The firm cited strong October quarter growth that is expected to improve into the January quarter, with key customers Amazon Web Services and Microsoft driving upside potential.
Mizuho has increased its revenue estimates for Credo’s January and April quarters to $251 million and $270 million respectively, above current consensus, as the company’s AEC customer pipeline expands to include Meta and OCI in the first half of calendar 2026.
The research firm also expects artificial intelligence company xAI demand to rebound in 2026 after securing funding, following what they anticipate will be flattish to softer performance after a strong first half of 2025.
A potential partnership with NVIDIA could provide additional tailwinds for Credo, with Mizuho noting the addition of former NVIDIA SVP Brian Kelleher to Credo’s board and the company’s recent 1.6T Scale-Out/Up demonstrations for NVL144/NVL576 Rubin Ultra at the Open Compute Project summit.
In other recent news, Credo Technology Group Holding Ltd reported a third-quarter revenue miss, leading Stifel to lower its price target for the company to $9.00, though the firm maintained a Buy rating. The underperformance was attributed to several factors, including peso devaluation and unfavorable sport outcomes. Additionally, Credo has made significant changes to its Board of Directors, appointing Brian Kelleher, a former NVIDIA engineering SVP, as an Independent Director. Meanwhile, Lip-Bu Tan resigned from the Board earlier this month. Credo’s shareholders elected three Class I directors during the 2025 Annual General Meeting, including CEO Bill Brennan. In another strategic development, Credo joined the Arm Total Design ecosystem, enhancing its portfolio with high-speed SerDes and mixed-signal DSP IP offerings. This collaboration aims to support the design of next-generation AI and data center applications. Furthermore, Bill Brennan, Credo’s CEO, has joined Axiado Corporation’s Board of Directors, bringing his extensive leadership experience to the role.
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