Advanced Energy price target raised to $415 from $375 at KeyBanc

KeyBanc raised the firm’s price target on Advanced Energy (AEIS) to $415 from $375 and keeps an Overweight rating on the shares. The firm notes shares were indicated down following a Q1 beat and guide ahead. KeyBanc thinks the apprehension may have been driven by talk of a Q2 sequential slowdown in Data Center growth on customer timing variables despite raising the full year growth outlook for Data Center and the total company. Like other Q1 semi cap reports so far, the firm believes investor expectations were elevated into the print, and so far, “good” has not appeared to be “good enough.” That said, it continues to favor AE for its idiosyncratic margin improvement capabilities and multiple growth levers relative to peers.