Citi ups Amphenol target, opens ‘positive catalyst watch’

Citi raised the firm’s price target on Amphenol to $135 from $117 and keeps a Buy rating on the shares. The analyst also opened a “90-day positive catalyst watch” on the shares. The analyst factored in the acquisition of Carlisle Interconnect Technologies and views Amphenol as a beneficiary of rising artificial intelligence-related broader infrastructure spend given its leading market share position. It expects the company’s AI related revenues to more than double in 2024.