Zacks Investment Research downgraded shares of Amphenol Corporation (APH) from OUTPERFORM to NEUTRAL on April 25, 2014, with a target price of $101.00.
Amphenol reported strong first quarter 2014 results with both earnings and revenues exceeding the respective Zacks Consensus Estimates. Amphenol serves a variety of end markets, the diversification of which enables it to post strong results. Despite macroeconomic headwinds, Amphenol is bullish about the accelerating proliferation of new electronic products in most of its end markets, which it expects to propel demand with time. However, cut-throat competition and foreign currency translation could undermine its growth potential to some extent. The market environment for traditional bulk cable continues to be challenging and the competitive pricing environment remains a concern. As such, we have changed our long-term recommendation from Outperform to Neutral as we expect the stock to perform in line with the broader market.
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