These Analysts Slash Their Forecasts On Credo Technology Following Q3 Results

Core Viewpoint - Credo Technology Group Holding Ltd. reported strong third-quarter earnings, exceeding analyst expectations in both earnings per share and revenue [1][2]. Financial Performance - The company posted adjusted earnings of $1.07 per share, surpassing the consensus estimate of $0.95 [1]. - Quarterly revenue reached $407.01 million, exceeding the Street estimate of $400.23 million [1]. - Revenue increased by over 50% sequentially and 200% year over year [2]. Future Outlook - Credo expects fourth-quarter revenue to be between $425 million and $435 million, compared to the analyst estimate of $422.61 million [2]. Stock Performance - Following the earnings announcement, Credo Technology shares fell by 10.6% to $102.13 in pre-market trading [2]. Analyst Ratings - Rosenblatt analyst Mike Genovese maintained a Neutral rating on Credo Technology and lowered the price target from $170 to $125 [3]. - Susquehanna analyst Christopher Rolland maintained a Positive rating but cut the price target from $230 to $170 [3].