BofA lifts Amphenol target to $104 on AI demand

The note lands just before Amphenol's scheduled Oct. 28 results, so BofA Securities is effectively putting its numbers on the table ahead of the print. Its Q3 revenue and EPS forecasts of $9.62 billion and $0.73 sit above consensus estimates of $9.45 billion and $0.72, and the analysts describe those figures as the high end of company guidance.

The analysts tie the outlook to continued AI infrastructure investments across both GPU-based and custom-accelerator systems. They also address a specific worry — that copper connectivity could lose ground to optical links — and call those concerns manageable, suggesting they do not see it as a threat to the Amphenol story. Beyond AI, they expect most end markets to remain healthy and see room for further upward revisions to estimates.

That optimism carries into their other numbers. For Q4 they forecast $9.9 billion in revenue and $0.79 in EPS, above consensus of $9.7 billion and $0.76, and they lifted their full-year 2026 revenue and EPS forecasts to $35.9 billion and $2.70 from $35.4 billion and $2.66. The price target move to $104 from $99, with the buy rating reiterated, is the summary of that view.