15 AI News Investors Should Not Miss

8. Amphenol Corporation (NYSE:APH)

Number of Hedge Fund Holders: 72

Amphenol Corporation (NYSE:APH) designs, manufactures, and markets electrical, electronic, and fiber optic connectors. Its products are crucial in IT and AI advancements, offering essential connectors and sensors that are used in AI-driven technologies.

On Friday, October 25, TD Cowen raised the price target for Amphenol Corporation (NYSE:APH) stock to $63 from $60. The firm maintained a “Hold” rating on the stock on the back of a strong book-to-bill ratio above 1 and sustained organic growth. The company closed the third quarter with sales and adjusted diluted EPS exceeding the high end of guidance. Sales rose 26% year-over-year, driven by strong organic growth in IT Datacom, mobile networks, mobile devices, commercial aerospace, and defense markets, along with contributions from the Company’s acquisition program. IT Datacom sales grew by 60% in US dollars and 59% organically, led by accelerating demand for AI-related products as well as strong performance in the core IT Datacom business. Analyst claims that the company’s business strategy strongly incorporates AI, with no signs of slowing growth. However, a weakening momentum may impact the stock’s valuation, even though current indicators reflect otherwise.