UPDATE: Amphenol (APH) PT Raised to $80 at Morgan Stanley, Weakness is Supply Driven
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Rating Summary:
11 Buy, 12 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Morgan Stanley analyst Craig Hettenbach raised the price target on Amphenol (NYSE: APH) to $80.00 (from $75.00) while maintaining a Equalweight rating after the company guided 4Q down, despite demand remaining robust and visibility elevated.
The analyst stated "We expect continued strength through next year, even as bookings normalize and supply comes online, but we think estimates are well calibrated and the multiple is full, keeping us EW." He went on to comment "Amphenol is seeing strong demand balanced by a challenging but improving supply environment. The company's book-to-bill ratio of 1.08:1 illustrates both points as Amphenol has seen its orders accelerate but has been unable to fulfill all of them due to supply constraints."
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