Amphenol has been a hot trade this year, and Bank of America thinks it there’s even more upside ahead. Analyst Wamsi Mohan upgraded the Nvidia supplier and maker of electrical connectors, copper and fiber cables to buy from neutral. He also raised his price target on the stock to $150 from $120, pointing to a gain of 22.3% from Tuesday’s close. The stock has seen parabolic growth in recent months amid strength in several industries connected to the AI industry. The stock is up more than 41% over the past three months and roughly 91% in the past six months. The analyst’s bullish call on Amphenol is due to expected upside from its AI business and upcoming mergers and acquisitions activity. Most notably, Mohan projects that the company can sustain triple-digit percentage AI revenue growth into 2026. APH 1Y mountain Amphenol stock performance over the past year. “We see opportunity for 1) upside to C26 estimates on higher-than-expected AI rack volume, 2) upside to C27 estimates on incremental content of new architectures, 3) increased data center build announcements that will drive higher volumes, 4) less risk to C28 cliff year as shift to co-packaged optics (CPO) still will take time and CCS acquisition gives APH opportunity to expand participation with fiber, 5) mid-teens organic growth C26-28, 6) strong M & A acquisition cadence driving inorganic growth, & 7) mid-single digit organic growth ex-AI,” Mohan wrote in a note to clients. Mohan also remains confident that Amphenol’s business will remain strong despite upcoming design changes from Nvidia. He said he expects “higher content” in Nvidia’s Vera Rubin and Kyber systems compared to its Blackwell GPUs even though future Nvidia systems could use fewer overpass cables, which is a product Amphenol makes — meaning that, overall, Amphenol’s total component value per rack should rise. Beyond AI, the analyst noted that “APH’s growth ex-AI is a testament to the company’s strong execution.” Amphenol shares climbed more than 2% following the upgrade. Most analysts are bullish on the stock. LSEG data shows that 13 of 19 rate Amphenol as a buy or strong buy. ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
