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Summary
- Credo Technology provides high-speed connectivity solutions including integrated circuits, Active Electrical Cables, and Serializer and Deserializer Chiplets.
- Despite volatility in 2023, CRDO has had a strong rebound with a 126% return in the past year.
- The company is benefitting from the growing demand for high-performance computing in data centers, particularly from US hyperscalers like Microsoft.
Credo Technology (NASDAQ:CRDO) is a company providing high-speed connectivity solutions, such as integrated circuits / ICs, Active Electrical Cables / AECs, and Serializer and Deserializaer / SerDes Chiplets.
Share performance has been relatively strong since going public in 2022 at the price of $11 per share. Despite the demand shock from a major customer in 2023 that caused the stock to reach an all-time low of $8, CRDO has had a strong rebound since. Over the past year alone, return stands at 126%.
I initiate my coverage with a neutral rating. My 1-year price target of $24 presents a merely 4% upside from $23 today.
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