On June 9, Credo Technology rose 6.36% in regular trading, trading at $245.63/share, with trading volume of $410 million. The rally was driven by multiple Wall Street institutions collectively raising their target prices on the stock, combined with continued strength in the optical communication sector.

On the news front, Needham raised its target price from $220 to $275 while reaffirming a Buy rating, JPMorgan raised its target from $230 to $250 maintaining an Overweight rating, and Roth Capital significantly raised its target from $200 to $300. The upgrades were underpinned by the company's fiscal Q4 results showing revenue of $437 million, up 157% year-over-year, with adjusted EPS of $1.16 beating expectations by 12.6%. Management projected that optical interconnect product lines will collectively contribute over $600 million in revenue, reinforcing the bullish thesis around AI high-speed connectivity demand. Additionally, the broader optical communication sector continued to rally, providing further upside momentum.

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