These Analysts Revise Their Forecasts On AXT Following Q4 Results
Portfolio Pulse from Avi Kapoor
AXT, Inc. (NASDAQ:AXTI) reported Q4 sales of $20.4 million, surpassing the consensus of $17.6 million and showing improvement from Q3's $17.4 million. Adjusted operating expenses decreased to $7.5 million from $9.0 million the previous year, though the adjusted operating loss widened to $(2.7) million from $(0.3) million a year ago. CEO Morris Young highlighted AI as a new catalyst for demand in indium phosphide for rapid data transfer. Following the report, AXT shares surged 82.8% to $4.17. Analysts from Craig-Hallum, Wedbush, and Needham revised their price targets and ratings, showing increased optimism.
February 23, 2024 | 7:24 pm
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AXT, Inc. reported higher than expected Q4 sales and a positive outlook on AI-driven demand. Shares jumped 82.8% following the announcement.
The significant beat on Q4 sales expectations and the optimistic outlook on AI-driven demand for indium phosphide, as well as the substantial share price increase, indicate a strong short-term positive impact on AXTI's stock. Analyst upgrades and raised price targets further support this bullish sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100