AXT, Inc. (AXTI) PT Raised to $8.50 at Needham & Company Following Strong 4Q Results
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Rating Summary:
5 Buy, 1 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 9 | New: 12
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Needham & Company analyst Y. Edwin Mok reiterates Buy rating and raises price target on AXT Inc. (NASDAQ: AXTI) to $8.50 (from $6.50), noting improving sales growth potential from InP and 3D Sensing business lines, as the company reported 2016 fourth quarter revenues and EPS above estimates.
Mok comments, "AXTI reported a 4Q16 beat while providing mostly inline 1Q17 guidance. Following a weak 3Q16 for InP due to inventory correction in the GPON/EPON market, business rebounded in 4Q16 with the market showing signs of recovering. AXTI remains well positioned to benefit from a strong optical cycle, as the industry adopts InP-based technology in fiber optic and data center investments, supporting continued growth in 2017 and beyond. Additionally, the emerging adoption of 3D sensing in mobile could become an upside driver that could start in 2H17. Given the several market trends benefiting top-line, coupled with sustained margin improvements and operating leverage, we see earnings growth ahead."
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