Amphenol rises after Jefferies assumes coverage with 'buy' rating

Shares of electronic gear maker Amphenol APH.N up 2.5% at $122.13

Jefferies assumes coverage of the stock with "buy" rating and PT of $145

New PT represents a 21.7% upside to the stock's last close

Brokerage says the market is overly penalizing APH "on concerns that optics will cannibalize copper in AI racks"

Notes copper will remain dominant for at least the next two years and views broader optics shift as a "late decade dynamic," giving APH sufficient time to adapt its product offerings

Says market is underappreciating APH's order momentum, margin strength, diversified end-market exposure and attractive valuation

17 of 20 brokerages rate the stock "buy" or higher, 3 "hold"; median PT is $167.50 - LSEG data

Including session's moves, stock down 9.4% YTD, compared with 6.3% decline in the S&P 500 .SPX