Credo Technology price target lowered to $60 from $80 at Susquehanna

Susquehanna analyst Christopher Rolland lowered the firm’s price target on Credo Technology (CRDO) to $60 from $80 and keeps a Neutral rating on the shares. The firm said they reported better results and even stronger guidance as AEC ramps with its largest hyperscaler customer. Interestingly, AEC product revenues grew “strong” triple-digits QOQ to a new record. Susquehanna said while they see long-term potential on the opportunity, we would need to have more visibility into continued revenue upside across a broader customer base.