Craig-Hallum raised the firm’s price target on AXT Inc. to $5 from $3.75 and keeps a Buy rating on the shares. The firm notes AXT preannounced solid Q1 results with sales expected to be in the range of $22.4M-$22.7M, modestly exceeding the upper end of its previous guidance range of $20M-$22M. AXT indicated they are experiencing continued strength in both InP and GaAs across multiple end markets including AI/DC. This preannouncement comes days after a report with a short thesis that Craig-Hallum thinks was “a complete farce,” and AXT’s preannouncement demonstrates this.
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