Stock Track | Credo Technology Soars 20.42% Intraday on Strong Q2 Earnings and AI-Driven Demand

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Credo Technology Group Holding Ltd (CRDO) surged 20.42% during the intraday session on Tuesday, reflecting strong investor confidence in the company's growth prospects.

The rally followed the company's fiscal Q2 earnings report, which showed adjusted earnings of $0.67 per share and revenue of $268 million, both significantly exceeding analyst estimates. CEO Bill Brennan attributed the performance to robust demand for the company's high-speed connectivity solutions, which are critical for AI training and inference clusters.

Analysts responded positively to the results, with multiple brokerages raising their price targets. Susquehanna lifted its target to $230, while Stifel maintained a Buy rating with a $225 target, citing Credo's leadership in AI infrastructure networking.

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