Jefferies analyst Stephen Volkmann upgraded Amphenol (NYSE: APH) from Hold to Buy with a price target of $145.00 (from $150.00).

The analyst comments: "We assume coverage of APH and upgrade to Buy. APH is a leading connector supplier with ~45% exposure to data center/tech and defense. APH now trades near a 3-year low valuation, with shares down -8.5% YTD (vs XLI +2.6%) on concerns that optics will cannibalize copper in AI racks. That said, we are confident in our above-consensus sales estimates through 2028E, with ample time for APH to adapt product offerings ahead of a later-decade optics shift.

APH delivered 38% organic growth in 2025, well above its ~10% LT average, driven by IT Datacom (+124% organic), now 36% of sales (vs <20% a few years ago). This reflects leadership in high-speed interconnects, close NVDA partnership, and manufacturing scale. Order growth accelerated from 39% in 3Q25 to 68% exiting 2025, which we think supports strong visibility to ~16.5% organic growth embedded in consensus. Debate centers on the copper vs optics transition in next-gen AI racks. We expect copper to remain dominant for at least the next two years. The CommScope CCS acquisition adds fiber exposure, and with the optics shift a late-decade dynamic, we are confident APH can remain a key supplier as architectures evolve."

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Shares of Amphenol closed at $119.15 yesterday.