Amphenol (APH) PT Lowered to $87 at Jefferies Following Management Meetings

Jefferies analyst David Kelley lowered the price target on Amphenol (NYSE: APH) to $87.00 (from $96.00) while maintaining a Buy rating following management meetings.

The analyst commented, "We hosted an investor meeting with APH's President & CEO, Adam Norwitt; CFO, Craig Lampo; & VP, Strategy & IR, Sherri Scribner. Our key takes: 1) 2H demand resiliency supported by order visibility, while pricing should drive solid margin conversion; 2) History of execution, end market diversification, & secular content suggest resiliency into uncertain '23; 3) M&A to remain a core growth driver. We modestly lower '23 ests.; PT to $87."

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