Secular industry tailwinds and a diversifying consumer base set up this tech stock to be TD Cowen's top small- and midcap pick.
Credo Technology has emerged to take the crown as TD Cowen's top small- and midcap stock pick after a red-hot start to the year. The investment firm upgraded the tech company to buy from hold. Analyst Matthew Ramsay also upped his price target for the stock to $35 from $24, implying that Credo shares could rally 28% from Monday's close. Credo, which specializes in ethernet connectivity services, has soared 49% in 2024. Ramsay thinks there's even more upside ahead.
mountain Credo YTD chart "A key enabler of higher line-rate speeds, especially beyond 800G, we have been advocates of the technology and the engineers at Credo while maintaining a balanced view on the stock," Ramsay wrote. "However, with the model likely to inflect beginning F2H25 , we come off the sidelines — we upgrade to Buy, and name Credo our Best Smidcap Idea as revenue accelerates and broadens across programs and products.
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