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AXT (AXTI) Initiated with a Buy at Needham

Needham analyst Charles Shi initiated coverage with a Buy rating on AXT (AXTIResearch Report) today and set a price target of $8.00. The company’s shares closed last Friday at $6.19.

According to TipRanks.com, Shi is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -11.1% and a 26.8% success rate. Shi covers the Technology sector, focusing on stocks such as Cadence Design, Taiwan Semi, and Formfactor.

Currently, the analyst consensus on AXT is a Moderate Buy with an average price target of $9.33.

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Based on AXT’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $39.65 million and net profit of $3.17 million. In comparison, last year the company earned revenue of $31.35 million and had a net profit of $3.43 million.

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AXT, Inc. engages in the design, development, manufacture, and distribution of compound and single element semiconductor substrates. It also sells specialty material substrates and raw materials used to make substrates and other related products. The company was founded by Morris S. Young and Davis Zhang in December 1986 and is headquartered in Fremont, CA.

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