Amphenol Shares Climb After Analyst Upgrades Stock

SAN FRANCISCO (AP) — Amphenol Corp. shares rose Tuesday after a Thomas Weisel Partners analyst upgraded the stock to "overweight," saying he's increasingly confident in the company's prospects.

Shares of Amphenol, which makes electronic and fiber optic connectors and cables, rose $1.84, or 5.2 percent, to $37.24.

In a client note, Thomas Weisel analyst Matthew Sheerin raised his rating from "market weight" and increased his price target to $42 from $34.

Sheerin said that in the past six months the stock has underperformed others in its sector because the company's estimates have been mostly unchanged and competitors have beaten estimates due to inventory restocking and improved performance in the auto, consumer and computing sectors.

"We now see limited downside risk to APH estimates, given that expectations remain relatively muted while other companies that have been more bullish have seen their estimates grow significantly," he said.