RBC Capital Raises Price Target on Amphenol (APH) to $66; Reiterates Top Pick
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RBC Capital reiterated a Top Pick rating on Amphenol (NYSE: APH), and raised the price target to $66.00 (from $65.00). RBC thinks recent global auto sales data combined with increasing content help confirm the company's outlook. APH expects its auto business to report strong growth in CY16.
Analyst Amit Daryanani commented, "We see a host of positive data points that should enable APH to see upside vs. current H2:16 expectations as we see sustained room for upside vs. their organic expectation of ~0% growth in 2016. Key tailwinds include: 1) Mobile Devices (~17% of TTM sales) could provide a source of upside due to better than expected initial iPhone sales data and an improving PC demand environment vs. their tempered expectations in this business (lowered CY16 mobile devices outlook from down mid single-digits to down ~10% after Q2), 2) IT/Datacomm: solid x86 server market performance is consistent with APH's positive outlook, driven by strong demand from hyperscale/CSP customers. 3) Wireless infrastructure should see modest tailwinds into year-end, 4) Military – “stop ship” has been lifted across their SKU’s and could enable modest upside in H2:16, and 5) Automotive: Segment remains stable and overall market growth should contribute to positive auto growth for APH. We think broader end markets have been mostly stable/positive and should enable solid near-term results. Maintain TP rating and raising target to $66."
Shares of Amphenol closed at $63.76 yesterday.
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