AXT Inc. price target raised to $35 from $20 at Northland

Northland raised the firm’s price target on AXT Inc. (AXTI) to $35 from $20 and keeps an Outperform rating on the shares after multiple AI Optical laser and component suppliers recently announced incremental and/or accelerated capacity additions to their InP fabs. The firm expects “a significant uptick” in demand for InP substrates as a result of dramatic increases in capex outlooks at Google (GOOG) and Amazon (AMZN), the analyst noted.

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