AXT Inc. upgraded to Buy from Neutral at B. Riley

B. Riley upgraded AXT Inc. to Buy from Neutral with a price target of $3.80, up from $2.40. The analyst believes artificial intelligence and data centers could drive multiple expansion for the shares. AXT s one of the leading suppliers of InP, which is a key building block for electro-absorption modulated laser), which, in turn, is a key optical component to build data centers, the analyst tells investors in a research note.