Belden price target raised to $118 from $107 at Truist

Truist analyst William Stein raised the firm’s price target on Belden to $118 from $107 and keeps a Buy rating on the shares as part of a broader research note on Semi and AI names. The analyst is adjusting the firm’s model in the space based on a combination of industry contact feedback and public commentary from listed companies. Truist also maintains its view that the last fundamental cycle measured by industry revenue growth bottomed in Q1 and that industry-aggregate growth will reflect an emerging recovery in Q2.