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CRDO - Credo Technology: Gets Repriced By The Market
Credo Technology Group Holding Ltd
Summary
Credo had some bad news to share, which caused the stock to lose all YTD gains and then some, wiping out half its market cap.
The disclosure came unexpectedly, especially since CRDO had given an upbeat outlook not too long ago, helping the stock double in value off the October lows.
CRDO trades at high valuations, which may have been justified when CRDO was doubling revenue but becomes more questionable with flat growth.
Long CRDO may make for a better argument down the road but now is probably not the time with no sign the stock has hit bottom.