B. Riley ‘incrementally cautious’ on AXT Inc. after first day of OFC event

B. Riley is “incrementally positive” on Lumentum (LITE) and Viavi (VIAV) following “impressive” presentations at the Optical Fiber Communication Conference, but is “incrementally cautious” on AXT (AXTI) following negative data points regarding the InP supply chain. Specifically, one major company denied the existence of an InP bottleneck, while another secured a seven-year supply agreement with AXT’s main competitor, Sumitomo, according to the analyst. The firm has Buy ratings on Lumentum and Viavi and a Neutral rating on AXT.

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