Analysts at Evercore ISI argue that Credo Technology (NASDAQ: CRDO) could see further upside. The firm has a $325 price target, and noted that:
“Credo is viewed as a copper-based AI-connectivity play, largely because it created the [architecture, engineering and construction] interconnect standard and drove its success by delivering a reliable, systems solution – i.e., whole cable + chips instead of just chips. However, we believe it will be increasingly viewed as a broad copper + optical AI-connectivity play as it prosecutes its optical roadmap, which includes optical [digital signal processors], Silicon Photonics [integrated circuits], microLED cables, and most importantly its [ZeroFlap Optics] modules, where consistent with its AEC playbook,” as quoted by CNBC.
The stock is up another $12.85 in premarket, last trading at $284.68.
Live coverage has ended. The full story is below.
Futures are mixed this morning. The S&P 500 is down about 0.16%, or by 12 points. The SPDR S&P 500 ETF (SPY) is down by a few cents. The Dow is down about 0.04%, or by 22 points. The Nasdaq is up by 0.04%, or by about 13 points. Gold is up by $70.40 at $4,213.76. Bitcoin is up by $900.42 at $64,162.56. Oil prices are down another 53 cents to $75.32.
At the moment, markets are assessing the latest developments with Iran, with Qatar and Pakistan saying that the U.S. and Iran had agreed on a roadmap to a final deal in the next 60 days. That news sent oil prices down another 53 cents to $75.32.
Markets are also waiting on May’s reading on the personal expenditure price (PCE) index, which is closely watched by the Federal Reserve. Unfortunately, even if we exclude food and energy, core PCE is expected to rise from April. Plus, as noted by CNBC, “Following last week’s hawkish Fed meeting, expectations of an interest rate increase were pulled forward to as soon as October. Investors are now laser-focused on any inflation reading that could signal the U.S. central bank may soon begin hiking rates.”
Ahead of earnings on June 24, Micron (NASDAQ: MU | MRVL Price Prediction) saw two price hikes. Bernstein raised its forecast to $1,300, while Needham hiked its outlook to $1,550.
Days ago, TD Cowen raised its price target on Micron to $1,500 from $660, with a buy rating. The firm cited strong demand for dynamic random-access memory (DRAM), which continues to outpace supply by a wide margin.
Fueled by surging demand for AI infrastructure, data centers, and high-bandwidth memory solutions, Micron has emerged as one of the semiconductor industry’s biggest winners. The company’s advanced DRAM and NAND memory products have become critical components in AI servers, helping drive significant revenue growth and investor enthusiasm.
When insiders buy shares of their own company, investors should take notice. After all, insider buying can be one of the strongest signals of management confidence.
Look at Robinhood (NASDAQ: HOOD), for example.
After dipping on Bitcoin-fueled weakness, HOOD is just starting to come back strong, especially with news that an insider bought more than 250,000 shares. In fact, according to a securities filing, director Meyer Malka bought 250,000 shares at prices ranging from $80.07 to $81. Two days before that, Malka picked up 181,000 shares for between $83.24 and $83.63 a share.
Contact [email protected] for any questions or corrections.
Ian Cooper is a veteran market analyst and investment strategist with more than 20 years of experience covering stocks, commodities, and macro trends. Since 1999, he has helped investors identify market opportunities using a blend of technical analysis, fundamental research, and market sentiment.
He is the creator of the ADD News Flow Strategy, which focuses on trading market reactions to major news events and investor psychology. Cooper was also among the analysts who warned about the 2008 financial crisis and major financial institution collapses ahead of the broader market.
Before joining 247 Wall St., Cooper wrote extensively for InvestorPlace and other financial publications, covering market trends, trading strategies, and investment opportunities.
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