JPMorgan analyst Tomohiko Sano initiates coverage on Bel Fuse (NASDAQ: BELFB) with a Overweight rating and a price target of $370.00.

The analyst comments: “We are initiating coverage of Bel Fuse (BELFB) with an Overweight rating and a YE27 $370 price target, representing ~30% upside potential from current valuation levels. Bel powers, protects, and connects electronic circuits across aerospace and defense, networking and data centers, telecom, and industrial end markets. We see a multi-year strategy and operational execution reset with a focus on clearer accountability, tighter pricing discipline, and improved operational delivery. Our analysis, including a Cinch Waseca, Minnesota site visit, supports durable positioning driven by qualification, reliability, and on-time performance.

The executive bench was rebuilt from 2021 through early 2026, sharpening accountability, pricing discipline, and delivery performance, supported by process visibility observed at the Cinch Waseca site. The setup is now quantifiable, with revenue growing 17% in 2026E to $792M and 8% in 2027E to $857M, adj. EBITDA margin expanding to 22.1%/23.4%, and operating leverage from a ~80% fixed cost structure driving FCF conversion (FCF/NI) back to ~100% by 2027E.”

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Shares of Bel Fuse closed at $276.04 yesterday.