AXT Inc. price target raised to $28 from $8.50 at Wedbush

Wedbush analyst Matt Bryson raised the firm’s price target on AXT Inc. (AXTI) to $28 from $8.50 and keeps an Outperform rating on the shares. The firm says its target is set by applying 30 times multiple to 2027 earnings. While this multiple is significantly greater than what Wedbush typically would apply to a low margin materials company, it believes it is supported by the substantially higher rates of growth that are anticipated for InP over the next few years, as well as the potential upside to its current model.

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