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Credo Technology (CRDO): SpaceX’s Worst-Kept Secret Is Now 51% Off, Initiating at Overweight
Initiating at Overweight with a Dec-27 price target of $187. The purple cables in a still from SpaceX’s earnings call are Credo’s active electrical cables, and they are not hidden. What is new is the price: Credo closed at $147.29, 51% below its June high and ~20x our NTM non-GAAP EPS.
Initiating at Overweight with a Dec-27 price target of $187. The purple cables in a still from SpaceX’s earnings call are Credo’s active electrical cables, and they are not hidden. What is new is the price: Credo closed at $147.29, 51% below its June high and ~20x our NTM non-GAAP EPS.
What’s inside
- Initiating at Overweight, Dec-27 PT $187
- The price already assumes the share loss
- The SpaceX “leak”, corrected
- Summary investment thesis and valuation
- Customers and product mix
- Capacity, capital and M&A update
- 1Q27 (Aug-26) summary
- Credo Technology Dec-27 PT methodology
- Credo Technology earnings trends
- The leak that wasn’t: a public secret since 2025
- The 95% problem is already in the price
- What the price already discounts
- Risks to rating and price target
- What would make us wrong?
- Signposts
More research
Equity researchPDF · 9 pp
Société BIC (BB.PA): Shaodong Makes the Lighters, BIC Makes the Money, Initiating at Overweight
Initiating at Overweight with a Dec-27 price target of €72. Shaodong makes about 70% of the world’s lighters at a profit of one fen each; BIC’s lighter division earned €216M of adj. EBIT in 2025, at least €0.10 a lighter. The moat is the rulebook, not the factory.
K2 Research TeamOct 24, 2026
Equity researchPDF · 9 pp
CoreWeave (CRWV): Cisco Had Customers Like This, Initiating at Underweight
Initiating at Underweight with a Dec-27 price target of $44. CoreWeave’s backlog is real; the problem is the spread. We estimate a new megawatt earns a ~5% unlevered return, below the ~9% CoreWeave now pays on secured project debt.
K2 Research TeamOct 23, 2026
Equity researchPDF · 9 pp
United Airlines Holdings (UAL): The Shockwave Is Still at Sea, Initiating at Underweight
Initiating at Underweight with a Dec-26 price target of $75. A ceasefire stops the missiles, but it does not speed up the tankers. United does not hedge fuel, and we forecast FY26E Adj. EPS of $6.33, 49% below consensus.
K2 Research TeamApr 10, 2026