Credo Technology surges after Q2 sales beat estimates
03/12/2024 11:31
** Shares of cable maker Credo Technology Group Holding
CRDO.O rise ~36% to $65.20 premarket
** On Monday, CRDO's Q2 sales of $72.0 mln beat analysts'
est. of $66.8 mln, according to LSEG data, helped by strong
demand for its active electrical cables used by AI players
** Co's Q2 profit of 7 cents/shr beats est. of 5 cents/shr
** Brokerage TD Cowen raises PT to $75 from $45; sees CRDO
as market leader in the active electrical cables segment
** Active electrical cables are copper cables used for data
transmission that incorporate electronic circuits
** All 12 brokerages rate the stock "buy" or higher; their
median PT is $50 - LSEG
** As of last close, stock has doubled YTD
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))