Amphenol price target raised to $118 from $109 at Truist

Truist analyst William Stein raised the firm’s price target on Amphenol to $118 from $109 and keeps a Buy rating on the shares as part of a broader research note on Semis and AI. The firm is updating its valuation models with new 2025 estimates while also including macro/micro indicators, cyclical patterns, public datapoints, and feedback from its industry contacts. Truist notes that despite the “extremely out-of-phase growth” by end markets and products, industry aggregate fundamentals are “clearly in the midst of an upturn”, and the firm believes that Semis/AI stocks will continue to outperform in 2024.