Credo财报后虽维持光学收入目标但市场担忧利润率和预期差不足

Credo Technology ( CRDO ) was in focus on Wednesday as Wall Street digested its latest results and guidance , though some investors expressed concern about margins. Shares fell more than 10% in premarket trading. Jefferies analyst Blayne Curtis said there may have been some high expectations, but the growth story is still intact “and should accelerate into next year.” “The F27 optical guide held at >$600M, but we still see a path to a multi-billion-dollar business over time,” Curtis wrote in a note to clients. “AECs likely grow [double-digits] in October with a stronger ramp on the back of SPCX. Retimers, ALCs, and OmniConnect broaden the F28 opportunity. The lack of [near-term] upside is disappointing, but does not change our LT thesis, and CRDO remains our top pick.” Curtis has a Buy rating and a $270 price target on Credo. Needham analyst N. Quinn Bolton said he took expects more than $600M in revenue from optical, as active electrical cable revenue continues to grow. Bolton has a Buy rating and a $275 price target on Credo. “Our key takeaways include: 1) Management reaffirmed its expectation for >$600MM of optical revenues in FY27 split between ZF Optics, DSPs, and PICs with an inflection coming in F2H27. Each product line is expected to contribute >$100MM in revenue for the year; 2) 800G AEC demand is expected to persist through FY27, with initial 1.6T revenue in F2H27 and a more meaningful 1.6T ramp in FY28. The company currently has strong relationships with five hyperscalers, as well as expanding engagements with neocloud customers; and, 3) CRDO is leading with its PIC product to supply emerging NPO/CPO platforms.”