Goldman Sachs analyst Mark Delaney has maintained their bullish stance on APH stock, giving a Buy rating yesterday.
Mark Delaney has given his Buy rating due to a combination of factors including Amphenol’s strong performance in the first quarter of 2024 and its positive outlook for the future. Delaney notes that Amphenol’s revenue and non-GAAP earnings per share have surpassed expectations, coming in at approximately $3.3 billion and $0.80 respectively, which is above the Street’s predictions. Furthermore, the company’s guidance for the second quarter aligns with analysts’ expectations, indicating steady financial progress.
The growth is partly attributed to Amphenol’s successful penetration into the AI/datacenter market, where their high-quality connectors meet the demand for high performance and low latency. The AI connectors currently represent a modest but significant portion of the company’s total revenue and are expected to support sales growth in the IT Datacom segment over the intermediate to long term. Additionally, Delaney highlights Amphenol’s ability to increase earnings per share at a faster rate than revenue, aided by strong incremental margins, strategic mergers and acquisitions, and share buybacks.
In another report released yesterday, Evercore ISI also maintained a Buy rating on the stock with a $130.00 price target.
Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of APH in relation to earlier this year.
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Amphenol (APH) Company Description:
Connecticut-based Amphenol Corp. designs, manufactures, and markets electrical, electronic, and fiber optic connectors. It operates through two segments: Interconnect Products and Assemblies; and Cable Products and Solutions.
Read More on APH:
