Amphenol (APH) PT Raised to $180 at Barclays

Barclays analyst Guy Hardwick raised the price target on Amphenol (NYSE: APH) to $180.00 (from $175.00) while maintaining a Overweight rating.

The analyst comments "APH shares traded +3% in a flat tape (SPX -10bps) on 1Q26 results led by strength in IT Datacom sales +81% org. (Barc. est. +60%) and a strong Q2 sales guide of ~$8.15B and Q2 EPS guide of $1.15 +10% above consensus. Q1 orders were +12% q/q and 1.24x book: bill. Given the strength of both AI and non AI markets (+10% org. y/y) we expect upward revisions to consensus through 2026 (we are above consensus). We attribute the relatively subdued market reaction to the strong results and guide to high investor expectations. Remain OW, PT raised to $180 (prior $175). See our first look here and our recent 1Q26 EPS Preview here. APH 1Q26 results delivered two beats in one, in our view, as a Q1 EPS beat was accompanied by Q2 guidance that was 10c above cons. ($1.05) and in line with Barclays Q2 EPS estimate. We believe the Street is underestimating both earnings and cash flow for APH for 2026 and 2027 in part due to conservative guidance for the CCS acquisition, where APH guides to $4.1B versus Barclays est. $4.4B. Q2 guidance for IT Datacom (41% of sales) Q2 guidance of low teens q/q growth implies +50% y/y org. growth, which looks conservative to us and we model +60%. We estimate Q1 organic growth ex-IT Datacom was +10% in Q1 led by military +25%, Commercial Aero +20% and Industrial +16%. We expect APH to beat its Q2 guidance for at least 4 of its 7 end markets and our Q2 EPS of $1.16 is above guidance and consensus. Our FY26e and FY27e EPS are both 3% above consensus. Our price target increase to $180 ($175 prior) is driven by the 3% increase to our FY27 FCF estimate."

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