Amphenol price target raised to $110 from $102 at BofA

BofA raised the firm’s price target on Amphenol (APH) to $110 from $102 and keeps a Neutral rating on the shares. A “strong beat” in Q2 was overshadowed by a book to bill below 1 and commentary that IT Datacom would decline mid-high single digits quarter-over-quarter, the analyst tells investors. While Amphenol remains strongly positioned in the AI end markets, investors are questioning if growth in AI has peaked and if the magnitude of the beats will slow down, adds the analyst, who expects the stock to be range-bound as growth likely impacts multiple expansion.