Evercore Initiates Credo Coverage with $325 Target and Hires Dennis Cornell
EVR•Evercore ISI launched coverage of Credo Technology with an Outperform rating and a $325 price target, reflecting the firm’s research influence and potential AI-connectivity revenue boost. Separately, Evercore appointed Dennis Cornell as Senior Managing Director in its Private Capital Markets group to strengthen its senior banker roster.
1. Research Initiative on Credo Technology
Evercore ISI analyst Mark Lipacis initiated coverage of Credo Technology Group with an Outperform rating and a $325 price target, implying a 20% premium over record-high trading levels. The firm’s detailed thesis emphasizes Credo’s expansion from copper-based solutions into optical DSPs and Silicon Photonics, potentially multiplying its addressable market by 10x to 20x and underpinning robust research-driven revenue streams.
2. Senior Hire in Private Capital Markets
Evercore has appointed Dennis Cornell as a Senior Managing Director in its Private Capital Markets group, expanding its leadership in equity and debt advisory services. Cornell brings extensive experience in structuring private financings and will focus on growing deal origination and client relationships within the firm’s global private capital platform.
