Amphenol slips as Credit Suisse downgrades on 'weakness' in certain markets
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- Amphenol (NYSE:APH) shares dipped around 1% in pre-market trading on Friday after Credit Suisse downgraded the telecom equipment company due to "weakness" in certain markets.
- "We believe weakness in communications related markets (40% of APH) will offset Amphenol’s growth from industrial, aerospace, military, and automotive markets," analyst Guy Hardwick wrote in an investor note.
- Hardwick lowered his rating on Amphenol (APH) shares to neutral from outperform and cut the per-share price target to $77 from $91. He also lowered his estimated earnings for 2023 and 2024.
- Hardwick added that weakness Amphenol (APH) is seeing from several connector industry markets is likely to continue through the rest of the year.
