Credo Technology jumps after Q4 results, rev outlook beat expectations

Credo Technology Group's CRDO.O shares up 27.4% to $79.81, over three-mth high, early Tues after qtrly results and current-qtr rev outlook top Wall Street's expectations

CRDO on track for biggest one-day pct gain in exactly six months, after co's fiscal Q2 report

Active electrical cable provider late Mon posted Q4 rev of $170 mln, up 180% y/y, and adj EPS of 35 cents. Analysts had modeled rev of $160.2 mln and earnings of 28 cents, per LSEG data

It guided for fiscal Q1 rev of $180-$195 mln, above consensus of roughly $158.5 mln

Results driven by surging demand for co's connectivity solutions and it continues to see growing demand across hyperscaler customers for advanced AI services, CEO Bill Brennan said in the statement. He added the co believes that trend will "persist for the foreseeable future"

Multiple brokerages hiked their PTs reacting to the report, including Susquehanna to $90 from $60, Stifel to $80 from $69, Needham to $85 from $80

TD Cowen upped its PT to $85 from $50, saying meaningful improvement in customer diversification resolving "a key bear sticking point for now"

Analysts noted that on the earnings call, co said its largest customer, Amazon.com AMZN.O, accounted for 61% of Q4 rev, down from 86% in prior qtr

12 of 13 brokerages rate CRDO "strong buy" or "buy", 1 rates "hold"; median PT of $82.50 up from $70 a month ago, latest LSEG data shows

Including move on Tues, shares up ~18% YTD and have more than tripled over the last 12 months