AXT, Inc. (AXTI) PT Raised to $17 as Craig-Hallum Sees the Company Reaching Escape Velocity
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Craig-Hallum analyst Richard Shannon raised the price target on AXT, Inc. (NASDAQ: AXTI) to $17.00 (from $15.00) after the company delivered strong results and guided well above consensus, as InP continues to provide strong growth/margin opportunities. Rev/EPS $27.0M/$0.07 beat consensus of $25.5/$0.03 as the company grew all of its product segments q/q, with InP close to a record, and raw materials benefitting from commodities pricing. AXTI’s position with InP and GaAs enable it to ride multiple growth drivers (5G, datacenter optics, 3DS, microLED, health sensors, LiDAR) that will play out over the next few years.
The analyst reiterated the Buy rating, stating "Combined with increasing scarcity value and valuation upside from a listing on the STAR Exchange in China, AXTI remains our best micro-cap idea, at least until we can no longer call it a micro-cap (which may happen sooner than you think)."
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