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Roth Capital's Suji Desilva raised their price target on Credo Technology Group Holding (NASDAQ: CRDO) by 68.4% from $95 to $160 on 2025/09/04. The analyst maintained their Strong Buy rating on the stock.

Credo Technology Group Holding reported its Q1 2026 earnings.

Desilva attributed the quarter's consensus-beating results and guidance to "strong AEC program growth across multiple customers and programs."

The analyst called "encouraging" that Credo Technology Group Holding is diversifying its revenue across its top three customers, with a fourth customer expected to reach 10% of revenue in FY 2026.

Looking ahead, Desilva argued that Credo Technology Group Holding's leadership position in AI infrastructure high-performance connectivity should provide it with additional product opportunities.

Earnings Report

For Q1 2026, Credo Technology reported:

• EPS of $0.52, which beat the Zacks Consensus Estimate by 48.6% and Q1 2025's $0.04.
• Revenue of $223.1M, which beat the Zacks Consensus Estimate by 17.4% and was up 273.6% Y/Y.

Management guided:

For Q2 2026:

• Revenue of $230M to $240M.

For FY 2026:

• Mid-single-digit revenue growth.

President & CEO Bill Brennan commented: “During the first quarter of fiscal 2026, Credo continued a strong growth trajectory.

"First quarter revenue increased 31% sequentially, and 274% year over year, to $223.1 million.

"The Company’s growth has been driven by deep, strategic partnerships with hyperscalers and key customers.

"Given increasing market demand for reliable and power-efficient connectivity solutions, we expect continued revenue growth and diversification in terms of customers, protocols and applications.”