CRDO shares dropped 10.4% to $104.73 as three analysts cut p

Analyst downgrades trigger the selloff. Credo Technology Group Holding shares fell 10.4% to $104.73 on March 17, erasing $2.24 billion in market capitalization. The technology stock closed at its lowest level since early February as three Wall Street firms slashed price targets following the company’s recent quarterly results.

Price target cuts reflect tempered expectations. Susquehanna reduced its target to $170 from $230 while maintaining a Positive rating on March 3. Mizuho lowered its Outperform-rated target to $200 from $225, and Rosenblatt cut its Neutral target to $125 from $170. The downgrades came after Credo reported Q3 2026 revenue of $407.0 million, a sequential jump from $268.0 million in Q2 2026, though analysts appear concerned about sustainability of the growth trajectory.

Volume confirms institutional repositioning. Trading volume reached 9.57 million shares, 43% above the 30-day average of 6.70 million. The elevated activity suggests institutional investors are reassessing positions following the analyst actions, with the stock now trading well below the Street’s revised consensus targets.

This article was generated using AlphaStreet’s proprietary financial analysis technology and reviewed by our editorial team.