Wedbush raised the firm’s price target on AXT Inc. (AXTI) to $80 from $28 and keeps an Outperform rating on the shares. The firm notes the company pre-announced Q1 results, with revenue expected to come in at $26M-$28M, slightly ahead of prior guidance. A GAAP loss of 3c-5c is also modestly ahead of prior expectations. Wedbush believes the primary purpose of the recent AXT secondary was raising funds to expand InP production, in-line with its prior suggestion it could look to double capacity again in 2027, following a similar lift in output in 2026.
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