Craig-Hallum upgrades AXT Inc. to Buy, sees bottom being in

As previously reported, Craig-Hallum upgraded AXT Inc. to Buy from Hold with a price target of $3.75, up from $2.25. “Solid” results that beat on both sales and EPS indicate that the “business has bottomed out,” says the analyst, who adds that new opportunities in AI, the emergence of microLED possibly next year, and the demand environment stabilizing give the firm confidence.