Amphenol price target raised to $74 from $70 at BofA

BofA analyst Wamsi Mohan raised the firm’s price target on Amphenol (APH) to $74 from $70 and keeps a Neutral rating on the shares. Amphenol had a strong quarter, with both revenue and EPS beating guidance and Street estimates, and Q4 and the fiscal year outlook was guided conservatively, the analyst tells investors in a research note. Capex stepped up meaningfully and could reflect the company’s confidence in AI orders into 2025, the firm says, adding that $2B in incremental revenues at 35% incremental margins could drive significant upside to consensus in EPS, but the firm isn’t ready to underwrite this notion as of yet given BofA’s view of continued design changes at some large programs.