Credo falls as optical products revenue forecast disappoints

** Shares of connectivity solutions provider Credo Technology CRDO.O fall 9.6% to $19.9 premarket

** The company's reiteration of its FY27 optical products revenue forecast of more than $600 million disappointed investors as they were expecting a stronger upside, J.P. Morgan says

** CRDO's FY27 revenue growth forecast of more than 85% largely matched investors' expectations and offered limited upside, JPM says

** The brokerage cuts its price target on the stock to $310 from $335, still implying a 33.3% upside to the stock's last close

** The company posts Q1 adjusted EPS of $1.2 and revenue of $479 million, above analysts' average estimate of $1.17 and $471.8 million, respectively, according to data compiled by LSEG

** 21 of 22 brokerages rate the stock "buy" or higher and one "hold"; median PT is $285, LSEG data shows

** Shares are up 43.6% year to date