Credo Technology Group (Credo Technology (CRDO)) shares are climbing Monday after a pair of analyst firms issued bullish updates, pushing the stock to a new 52-week high. The connectivity provider is getting some well-deserved attention from Wall Street, and the market is responding.
Stifel maintained its Buy rating on Credo and raised its price target to $350. Evercore ISI Group initiated coverage with an Outperform rating and a $325 price target. That's a pretty strong vote of confidence for a company that's already been on a tear.
The analyst love follows some kind words from Jim Cramer, who on June 15 recommended holding the stock, calling the company "just so good." It's not every day you get that kind of endorsement.
Credo Technology Q4 Earnings
The upgrades come on the heels of Credo's fiscal fourth-quarter earnings report, released after the close on June 1. The numbers were impressive: revenue hit $437 million, beating the $432.05 million consensus, and adjusted earnings came in at $1.16 per share, ahead of the expected $1.03. Total revenue surged 157% year-over-year, and the company is sitting on $1.4 billion in cash and short-term investments.
Despite the beat, the stock initially dropped 13.67% to $195.32 in after-hours trading on June 1. That's the kind of short-term noise that happens when traders take profits, but the long-term story remains intact.
Workplace Honors and Corporate Mission
On June 18, Credo announced it had earned 2026 National and Regional Top Workplace honors. CEO Bill Brennan said, "At Credo, we believe that strong teams, a shared sense of purpose, and a culture of trust and respect are essential to long-term success." It's a nice reminder that even in the fast-paced world of tech, culture matters.
CRDO's Key Support and Resistance Levels
Technically, CRDO is in a clear long-term uptrend. The stock is trading about 23.8% above its 20-day simple moving average of $231.84 and roughly 86.8% above its 200-day SMA of $153.60. The trend has been constructive since the golden cross in May, when the 50-day SMA crossed above the 200-day SMA, and the stock has continued to build on that bullish foundation.
Key resistance sits at $274.90, while key support is at $231.84. With the stock now trading above resistance, that level could become new support.
Credo Technology Price Action
Credo Technology shares were up 5.04% at $285.52 in premarket trading Monday, hitting a new 52-week high. The stock has been on a remarkable run, and with analysts raising their targets, there may be more room to run.
