Amphenol initiated with a Buy at Citi

Citi analyst Asiya Merchant initiated coverage of Amphenol with a Buy rating and $117 price target. The company’s diversified end market exposure and strong execution have enabled historical sales and margin outperformance versus peers, the analyst tells investors in a research note. The firm says that while 2023 sales are experiencing slight declines, Amphenol is poised to resume above market sales and earnings growth, as spending on technology hardware resumes, further aided by spending on artificial intelligence infrastructure.