Credo Technology Group Set to Announce Fourth-Quarter Earnings Amid Patent Dispute
Credo Technology Group Holding Ltd (CRDO) is poised to release its fourth-quarter earnings results following the market close on Monday, June 2. Analysts anticipate a significant increase in earnings, predicting the Grand Cayman-based company will report 27 cents per share, a leap from just 7 cents per share during the same period last year. Revenue projections are also encouraging, with an expected $159.59 million, a substantial rise from the $60.78 million reported in the previous year.
Despite these optimistic forecasts, Credo shares experienced a 4.5% decline, closing at $60.96 on Friday. This downturn follows the company’s announcement on March 13, where it filed a patent infringement complaint and requested the Federal Trade Commission (FTC) to investigate and block the import of certain infringing products.
Recent analyst ratings reveal mixed sentiments regarding the stock’s future. Barclays’ Thomas O’Malley maintained an Overweight rating but lowered the price target from $90 to $70. Similarly, Stifel’s Tore Svanberg held a Buy rating while adjusting the price target from $85 to $69. Mizuho’s Vijay Rakesh and Susquehanna’s Christopher Rolland also adjusted their price targets but retained positive ratings, reflecting a cautious outlook amidst uncertainty.
In contrast, B of A Securities’ Vivek Arya maintained a Buy rating but revised the price target from $83 to $75. With varied analyst opinions and a pending earnings report, investor sentiment will be closely monitored as Credo navigates both financial performance and legal challenges.
For further insights, visit Benzinga’s latest analyst ratings.
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