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Credo Technology Group Inc. (CRDO) stock has reached an all-time high, touching a price level of $49.04, marking a significant milestone for the semiconductor company with a market capitalization of $7.59 billion. According to InvestingPro analysis, the stock is currently trading slightly above its Fair Value. This peak comes amidst a robust year for Credo, which has seen its stock value surge by 137.45% over the past year. Investors have shown increasing confidence in the company's growth prospects and technological advancements, supported by impressive gross profit margins of 62.47% and analysts' expectations of continued sales growth. The all-time high represents a culmination of sustained upward trends and positive market sentiment surrounding Credo's performance and future outlook in the competitive tech industry.InvestingPro subscribers have access to 17 additional investment tips and comprehensive analysis for CRDO, including detailed financial health scores and a professional research report that transforms complex data into actionable insights.
In other recent news, Credo Technology has been the subject of several significant developments. Mizuho (NYSE:MFG) Securities has maintained an Outperform rating on Credo Technology and raised its price target from $41.00 to $49.00 based on strong financial projections. The firm has also introduced its Fiscal Year 2027 estimates for Credo Technology, projecting revenues of $675 million and EPS of $1.25, above consensus estimates.
In other news, Credo Technology's shareholders approved key proposals at its 2024 Annual General Meeting, including the election of three Class III directors and the ratification of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending May 3, 2025.
Credo Technology also announced the launch of its 800G ZeroFlap family of HiWire Active Electrical Cables, designed to support artificial intelligence backend networks with enhanced reliability and signal integrity.
Analysts at TD Cowen, Craig-Hallum, and Needham have all maintained a Buy rating for Credo Technology, with price targets set at $40, $38, and $33 respectively, anticipating a revenue inflection in the second half of fiscal year 2025 driven by accelerating ASIC revenue from multiple hyperscaler customers.
These recent developments highlight the ongoing momentum and future prospects of Credo Technology.
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