BofA Raises PT on Credo Technology Group Holding (CRDO) to $165 From $120, Keeps a Buy Rating

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) is one of the top high growth international stocks to buy right now. On September 5, BofA raised the firm’s price target on Credo Technology Group Holding Ltd. (NASDAQ:CRDO) to $165 from $120, keeping a Buy rating on the shares.

Why Credo Technology Group Holding Ltd (CRDO) Skyrocketed On Tuesday

The rating update came after the fiscal Q1 report, with Credo Technology Group Holding Ltd. (NASDAQ:CRDO) reporting the strongest “beat and raise” among its peers in the AI landscape.

The firm told investors in a research note that Credo Technology Group Holding Ltd. (NASDAQ:CRDO) is continually diversifying its customer base, and raised its estimates by 30%-40%.

BofA contended that Credo Technology Group Holding Ltd.’s (NASDAQ:CRDO) core business growth is capable of sustaining at a 25%-30% annual pace over the next few years.

Headquartered in George Town, Cayman Islands, Credo Technology Group Holding Ltd. (NASDAQ:CRDO) develops connectivity products and solutions for the data infrastructure market. Its offerings include active electrical cables, SerDes chiplets, and integrated circuits.

While we acknowledge the potential of CRDO to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CRDO and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.