GF Securities initiated coverage on Credo Technology Group (CRDO) with a Buy rating. The investment firm established a $343 price target for the stock.
Analysts identified SpaceX’s transformation into a neocloud provider as a primary growth catalyst. SpaceX is currently building significant AI computing capacity through 2028. This strategic shift is supported by recent cloud-focused partnerships with Google and Anthropic.
The expansion requires a massive build-out of data center infrastructure. Credo is positioned to capitalize on this trend through its Active Electrical Cable (AEC) business. GF Securities noted that Credo serves as a key supplier alongside major industry players including Nvidia and Intel.