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2023-05-01-APH.N-TD Cowen-Model Update - PT To $70 From $75-101746375

Cowen and Company analysts lowered their price target for Amphenol Corporation from $75 to $70 per share while maintaining a Market Perform rating. They see downside risk to Amphenol's earnings in the second half of 2023 and 2024 as end markets slow. Inventory levels also remain elevated, and the analysts note Amphenol may need to consume some inventory given the wide spreads they enjoyed in 2021-2022. Acquisitions could provide an upside catalyst, and the analysts wouldn't rule out a larger deal to support near-term earnings growth.

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0% found this document useful (0 votes)
126 views11 pages

2023-05-01-APH.N-TD Cowen-Model Update - PT To $70 From $75-101746375

Cowen and Company analysts lowered their price target for Amphenol Corporation from $75 to $70 per share while maintaining a Market Perform rating. They see downside risk to Amphenol's earnings in the second half of 2023 and 2024 as end markets slow. Inventory levels also remain elevated, and the analysts note Amphenol may need to consume some inventory given the wide spreads they enjoyed in 2021-2022. Acquisitions could provide an upside catalyst, and the analysts wouldn't rule out a larger deal to support near-term earnings growth.

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Nikhil Padia
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Diversified Industrials, Automation & Robotics

AMPHENOL CORPORATION
Published and distributed by Cowen and Company, LLC

EQUITY RESEARCH ESTIMATE CHANGES


May 1, 2023

Price: $76.44 (05/1/2023) MODEL UPDATE - PT TO $70 FROM $75


Price Target: $70.00 (Prior $75.00)

MARKET PERFORM (2)


ESG SCORE: 60/100

Joseph Giordano, CFA THE TD COWEN INSIGHT


646 562 1405
[email protected]
We see downside risk to 2H23 and FY24 consensus as end-markets like IT/datacom, mobile
device, and mobile network move to lower run-rates and markets like industrial begin to
Michael Anastasiou decline. Inventory at customers/distributors remains a near-term challenge. Key question
646 562 1437 will be the magnitude of potential 2024 recoveries - snap backs to prior highs seems near-
[email protected] term unlikely.
Key Data
Symbol NYSE: APH Updated PT implies ~15x FY24 estimated EV/EBITDA and nearly 24x FCF. We note that
52-Week Range: $82.09-$62.51 our FY24 EPS estimate stands only 3% above 2022 (after a modeled 7% decline in 2023).
Market Cap: $45.5B We continue to fully expect APH to outperform underlying demand, but their market mix,
Net Debt (MM): $3,065.2 despite attractive diversification, is challenging at this moment, and we see more downside
Cash/Share: $3.15
risk to valuation vs. upside. Inventory levels still seem elevated - and we note that auto
guide suggests some consumption of inventory relative to production given extremely wide
Dil. Shares Out (MM): 619.9
spreads APH enjoyed in 2021/22.
Enterprise Value (MM): $50,528.8
ROIC: 18.5% M&A could be an upside catalyst (1x net leverage) and we wouldn't rule out a larger deal
ROE (LTM): 23.3% (assuming internal characteristics are met) to buttress the near-term earnings progression.
BV/Share: $11.79
Dividend: $0.82
Yield: 1.07%

FY (Dec) 2022A 2023E 2024E


EPS
Q1 $0.67 $0.69 -
Prior Q1 - $0.68 -
Q2 $0.75 $0.69 -
Prior Q2 - $0.71 -
Q3 $0.80 $0.69 -
Prior Q3 - $0.74 -
Q4 $0.78 $0.74 -
Prior Q4 - $0.80 -
Year $3.00 $2.80 $3.10
Prior Year - $2.92 $3.25
Consensus EPS - $2.92 $3.22
Consensus source: FactSet

EBITDA
Year $3,000.3 $2,806.3 $3,016.6
Prior Year - $2,957.0 $3,178.8

Revenue (MM)
Year $12,623.1 $12,005.9 $12,707.5
Prior Year - $12,316.7 $13,128.0

Please see pages 7 to 11 of this report for important disclosures. TDCOWEN.COM


TD COWEN Amphenol Corporation
EQUITY RESEARCH May 1, 2023

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

We view APH very much as a decentralized, well-diversified, and nimble company leveraged ■ Additional M&A announcements.
to the "electrification of everything". Exposure to more connected, efficient, and electric cars, ■ Recovery in auto production and
smarter factories, and data dissemination through devices and datacenters should serve continued shift toward EV
the company well longer term. However, after a period of very wide outperformance vs. ■ New mobile device models or types of
underlying indicators / trends, we believe some element of digestion is needed. Valuation has wearables.
expanded vs. product and compounder peers, and we don't see it as particularly at risk or ■ Hyperscale data center proliferation.
opportunistic, supportive of a more neutral positioning at this time.

Base Case Assumptions Upside Scenario Downside Scenario

■ Normalized organic growth in the 4-6% ■ Faster shift towards EV. ■ Inability to identify and acquire new
range ■ Acquired businesses improve margins companies.
■ $600+MM of annual buybacks. more rapidly. ■ Weakness in IT/mobile network
■ Average normalized incremental margin ■ Hyperscale capex growth accelerates. spending persists longer than
of ~25%. anticipated.
■ Capex slowdown from large internet
companies.

Price Performance Company Description

Amphenol, which was incorporated in 1987, operates through two reporting segments: 1)
$90
Interconnect Products and Assemblies, and 2) Cable Products and Solutions.
85
The Interconnect Products and Assemblies segment designs, manufactures, and markets
80 connectors, antennas, and sensors used in a broad range of end-markets and applications.
Connectors facilitate transmission of power and/or signal when attached to an electrical,
75 electronic or fiber optic cable, a printed circuit board or other device.
70 The Cable Products and Solutions segment designs, manufactures, and markets cable and
value-add products and components that are used mainly in the broadband communications
65 and information technology markets.
60 Amphenol's products and solutions are categorized through eight different end-markets:
Military, Commercial Aerospace, Industrial, Automotive, Mobile Devices, IT & Data
55
Jul-22 Oct-22 Jan-23 Apr-23
Communication, Mobile Networks, and Broadband Communications.

Source: Bloomberg

Analyst Top Picks

Ticker Price ( 05/1/2023) Price Target Rating


ABB Ltd ABB $35.92 $42.00 Outperform
Roper Technologies ROP $458.63 $525.00 Outperform
Teledyne Technologies TDY $416.76 $500.00 Outperform

2 TDCOWEN.COM
TD COWEN Amphenol Corporation
EQUITY RESEARCH May 1, 2023

TD COWEN ESG SCORES

Amphenol Corporation Amphenol Corporation(APH) ESG Material Category Rankings as of May 1, 2023
NYSE: APH
Top 3 Material ESG Categories Dynamic Materiality TM Score
ESG Score: 60/100 Product Lifecycle 37% 69
GHG Emissions 17% 76
ESG Industry Percentile: 18th Labor Practices 17% 36

ESG MATERIALITY
Establishing materiality is critical to evaluating a company’s ESG performance. Factors most material in one sector (or to a particular company) may not be as important to another. In
addition, the factors that are material – and the degree to which factors are material – can change over time.

Applying data to frameworks established by SASB (the Sustainability Accounting Standards Board) and by Truvalue Labs, we present in the chart above the three most material
ESG factors that investors should focus on for the company that is the subject of this report; the Dynamic Materiality™ of each factor (i.e., what percentage of overall materiality the
category represents for the subject company); and a Score for the subject company in each of these three categories (on a 0 to 100 basis, with 50 being average).

We also calculate an overall ESG Score for the subject company, which is presented above (in green) and on the cover of this report. A full explanation of how this ESG Score is derived
is presented below.

HOW ARE TD COWEN’S ESG SCORES CALCULATED?

TD Cowen leverages technology from Truvalue Labs to generate our ESG scores. Truvalue Labs uses artificial intelligence to capture the stakeholder view of how companies are
performing on ESG metrics, using the Sustainability Accounting Standards Board (SASB) materiality framework (www.sasb.org). These data are leveraged to calculate a score for
each company, which allows TD Cowen to have a common framework and uniform way to approach ESG discussions with our clients. TD Cowen ESG scores appear on Company and
Company Quick Take notes and are updated daily.

HOW DOES THE PROCESS WORK?


The process begins with capturing unstructured data from more than 100,000 sources, in 14 languages. These data are culled from a wide range of sources with varied perspectives,
including industry publications, news outlets, NGOs, trade unions, government sources, legal and regulatory filings, and academic publications.

Natural language processing is used to interpret semantic content from the original sources and generate analytics by applying criteria consistent with established sustainability and
ESG frameworks. Performance is scored on a 0 to 100 scale. A score of 50 represents a neutral impact. Scores above 50 indicate more positive performance, and scores below reflect
more negative performance. A score of NA means not enough data is available on the company to generate a score.

TDCOWEN.COM 3
TD COWEN Amphenol Corporation
EQUITY RESEARCH May 1, 2023

Figure 1 APH Income Statement

APH Consolidated Income Statement


($ in millions)
3/31/2022 6/30/2022 9/30/2022 12/31/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 12/31/2023 12/31/2024
1Q22 2Q22 3Q22 4Q22 FY2022 1Q23 2Q23E 3Q23E 4Q23E FY2023E FY2024E
Revenue 2,951.9 3,136.8 3,295.2 3,239.2 12,623.1 2,974.0 2,962.3 2,966.8 3,102.8 12,005.9 12,707.5
Cost of revenue 2,025.3 2,132.6 2,235.2 2,201.7 8,594.8 2,030.6 2,021.0 2,025.8 2,105.1 8,182.4 8,590.0
Gross Profit 926.6 1,004.2 1,060.0 1,037.5 4,028.3 943.4 941.4 941.0 997.7 3,823.5 4,117.4
Gross Profit Margin % 31.4% 32.0% 32.2% 32.0% 31.9% 31.7% 31.8% 31.7% 32.2% 31.8% 32.4%

Selling, general and administrative expenses 336.8 355.4 366.9 361.8 1,420.9 346.3 346.6 347.1 363.0 1,403.0 1,486.8
% of revenue 11.4% 11.3% 11.1% 11.2% 11.3% 11.6% 11.7% 11.7% 11.7% 11.7% 11.7%
Acquisition-related expenses - - 12.0 9.5 21.5 5.4 5.4
Stock based compensation - -
Other, net - -
Operating Income 589.8 648.8 681.1 666.2 2,585.9 591.7 594.8 593.9 634.7 2,415.1 2,630.6
Operating Margin % 20.0% 20.7% 20.7% 20.6% 20.5% 19.9% 20.1% 20.0% 20.5% 20.1% 20.7%

Interest expense (28.1) (30.5) (32.8) (37.1) (128.5) (35.9) (38.5) (37.8) (37.2) (149.3) (144.2)
Other income, net 1.7 2.3 2.6 3.4 10.0 4.1 5.0 4.5 4.5 18.1 20.0

Net Income Before Taxes 563.4 620.6 650.9 632.5 2,467.4 559.9 561.3 560.6 602.0 2,283.9 2,506.5
Income tax expense 134.2 144.5 150.4 121.5 550.6 117.2 133.6 134.5 144.5 529.8 602.6
Effective Tax Rate 23.8% 23.3% 23.1% 19.2% 22.3% 20.9% 23.8% 24.0% 24.0% 23.2% 24.0%
Adjusted ETR 24.5%
Net Income 429.2 476.1 500.5 511.0 1,916.8 442.7 427.7 426.0 457.6 1,754.0 1,903.9

Net Income attributable to noncontrolling interests (3.5) (3.6) (3.9) (3.5) (14.5) (3.5) (3.4) (3.4) (3.6) (13.9) (15.1)
Net Income Attributable to Amphenol Corporation 425.7 472.5 496.6 507.5 1,902.3 439.2 424.3 422.7 453.9 1,740.2 1,888.9

Basic Weighted Average Shares 598.3 596.2 595.3 594.9 596.2 595.1 594.2 592.0 589.7 592.7 584.5
Diluted Weighted Average Shares 625.6 619.7 619.3 619.5 621.0 619.9 619.0 616.6 614.3 617.4 608.9

Estimated ending diluted shares 624.4 618.3 619.1 619.2 620.1 617.8 615.5 613.2 604.6

Basic EPS $0.71 $0.79 $0.83 $0.85 $3.19 $0.74 $0.71 $0.71 $0.77 $2.94 $3.23
Diluted EPS $0.68 $0.76 $0.80 $0.82 $3.06 $0.71 $0.69 $0.69 $0.74 $2.82 $3.10

Dividends $0.20 $0.20 $0.20 $0.21 $0.81 $0.21 $0.21 $0.21 $0.21 $0.84 $0.96

Current Year Payout Ratio (GAAP) 26.4% 29.8% 30.9%


Current Year Payout Ratio (adjusted) 27.0% 30.0% 30.9%
Prior Year Payout Ratio (GAAP) 31.8% 27.4% 34.1%
Prior Year Payout Ratio (adjusted) 32.7% 28.0% 34.3%

Non-GAAP Metrics

Reported Operating Income 589.8 648.8 681.1 666.2 2,585.9 591.7 594.8 593.9 634.7 2,415.1 2,630.6
Acquisition-related expenses - - 12.0 9.5 21.5 5.4 - - - 5.4 -
Other - - - - - - - - - - -

Adjusted Operating Income 589.8 648.8 693.1 675.7 2,607.4 597.1 594.8 593.9 634.7 2,420.5 2,630.6
Adjusted Operating Margin % 20.0% 20.7% 21.0% 20.9% 20.7% 20.1% 20.1% 20.0% 20.5% 20.2% 20.7%
Incremental Margin % 21.7% 24.3% 25.6% 31.9% 24.7% 33.0% 31.0% 30.2% 30.1% 30.3% 30.0%

Depreciation and Amortization 91.1 90.8 102.7 108.3 392.9 96.3 96.5 96.5 96.5 385.8 386.0

Adjusted EBITDA 680.9 739.6 795.8 784.0 3,000.3 693.4 691.3 690.4 731.2 2,806.3 3,016.6
Adjusted EBITDA Margin % 23.1% 23.6% 24.2% 24.2% 23.8% 23.3% 23.3% 23.3% 23.6% 23.4% 23.7%
Incremental Margin % 24.3% 21.8% 27.1% 25.9% 24.6% 56.6% 27.7% 32.1% 38.7% 31.4% 30.0%

Reported Net Income 425.7 472.5 496.6 507.5 1,902.3 439.2 424.3 422.7 453.9 1,740.2 1,888.9
Discrete tax items 0.0 0.0 10.5 0.0 10.5 0.0 0.0 0.0 0.0 0.0 0.0
After tax impact of operating items 0.0 0.0 0.0 7.9 7.9 4.0 0.0 0.0 0.0 4.0 0.0
Other (3.8) (7.5) (9.4) (34.1) (54.8) (17.1) 0.0 0.0 0.0 (17.1) 0.0

Adjusted Net Income 421.9 465.0 497.7 481.3 1,865.9 426.1 424.3 422.7 453.9 1,727.1 1,888.9

Reported Diluted EPS $0.68 $0.76 $0.80 $0.82 $3.06 $0.71 $0.69 $0.69 $0.74 $2.82 $3.10
Discrete tax items $0.00 $0.00 $0.02 $0.00 $0.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
After tax impact of operating items $0.00 $0.00 $0.00 $0.01 $0.01 $0.01 $0.00 $0.00 $0.00 $0.01 $0.00
Other ($0.01) ($0.01) ($0.02) ($0.06) ($0.09) ($0.03) $0.00 $0.00 $0.00 ($0.03) $0.00

Adjusted Diluted EPS $0.67 $0.75 $0.80 $0.78 $3.00 $0.69 $0.69 $0.69 $0.74 $2.80 $3.10

Source: TD Cowen, Company reports

4 TDCOWEN.COM
TD COWEN Amphenol Corporation
EQUITY RESEARCH May 1, 2023

Figure 2 APH Multiple Valuation Analysis

APH Multiple Valuation Analysis


($MM) 2023 2024

Forward EBITDA 2,806.3 3,016.6


Multiple 16.4x 15.2x
Implied EV 45,899.0 45,899.0

Gross Debt 4,421.4 4,421.4


Cash 1,502.1 1,502.1
Preferred 0.0 0.0
Minority 57.9 57.9

Implied Equity Value 42,921.7 42,921.7

Shares Outstanding 613.2 613.2

Price Target $70.00 $70.00

Forward FCF 1,826.5 1,804.6


Multiple 25.1x 25.4x
Implied EV 45,899.0 45,899.0

Gross Debt 4,421.4 4,421.4


Cash 1,502.1 1,502.1
Preferred 0.0 0.0
Minority 57.9 57.9

Implied Equity Value 42,921.7 42,921.7

Shares Outstanding 613.2 613.2

Price Target $70.00 $70.00

Forward EPS $2.80 $3.10


Multiple 25.0x 23.3x
Price Target $70.00 $70.00

FCF $2.96 $2.96


Multiple 23.7x 23.6x
Price Target $70.00 $70.00
Source: TD Cowen, Company reports

TDCOWEN.COM 5
TD COWEN Amphenol Corporation
EQUITY RESEARCH May 1, 2023

VALUATION METHODOLOGY AND RISKS

Valuation Methodology

Diversified Industrials, Automation & Robotics:


We utilize multiple analysis and discounted cash flow (DCF) analysis to value companies
under coverage. We employ both EV/EBITDA and P/E multiple analysis and look at historical
valuation multiples (typically 5- and 10-year averages) as well as current and historical
multiples for competitor or representative companies. We evaluate the subject company
independently and in terms of its comp group. In certain instances, we may look at current/
recent transaction multiples to evaluate the subject company. When utilizing DCF analysis,
we include a sensitivity table to both discount and terminal growth rates.
We make investment recommendations on certain early stage, pre-revenue companies
based upon an assessment of their business model, technology, probability of market
success, and the potential market opportunity, balanced by an assessment of applicable
risks. Such companies may not be assigned a price target.

Investment Risks

Diversified Industrials, Automation & Robotics:


A general decline in the industrial production index, coupled with a global decrease in
automation spending as a percentage of total capex could negatively impact the sector and
the implied industry growth rate as well as leading to additional project delays.
Sustained pressure in emerging markets (especially countries with lower labor wages) could
cause delays in automation implementation in several sectors, including general industrial,
automotive, logistics, medical, and aerospace as factory upgrades are delayed.
Significant, lasting changes in the prices of key commodities, such as oil and natural gas
could have material impact on upstream, midstream, and downstream applications. For
example, a sharp increase in domestic natural gas projects could make LNG export facilities
in the US less attractive and cause delays or cancellations of planned domestic chemical
facilities. Sharp declines in oil and gas prices could lead to reduced production activity and
therefore reduce demand for midstream logistics and downstream processing applications.

Risks To The Price Target

Upside Risks To Our Target:


■ Hyperscale capex growth accelerates materially.
■ Accelerated shift to EVs.
■ Global GDP moves consistently higher benefiting diversified industrial segment.
Downside Risks To Our Target:
■ Auto production remains constrained by supply chain for an extended period.
■ New acquisition targets become harder to identify or multiples paid expand significantly.
■ Meaningful decline or delay in hyperscale development.

6 TDCOWEN.COM
TD COWEN Amphenol Corporation
EQUITY RESEARCH May 1, 2023

ADDENDUM
Stocks Mentioned In Important Disclosures
Ticker Company Name
ABB ABB Ltd
APH Amphenol Corporation
ROP Roper Technologies
TDY Teledyne Technologies

Analyst Certification
Each author of this research report hereby certifies that (i) the views expressed in the research report accurately reflect his or her personal views about any and all of the subject
securities or issuers, and (ii) no part of his or her compensation was, is, or will be related, directly or indirectly, to the specific recommendations or views expressed in this report.

Important Disclosures
Cowen and Company, LLC makes a market in the stock of Amphenol Corporation, ABB Ltd, Roper Technologies and Teledyne Technologies securities.
Cowen and Company, LLC or its affiliates managed or co-managed a public offering of Amphenol Corporation in the past 12 months.
Cowen and Company, LLC or its affiliates received compensation for investment banking services from Amphenol Corporation in the past 12 months.
Cowen and Company, LLC or its affiliates expect to receive, or intend to seek, compensation for investment banking services in the next 3 months from Amphenol Corporation.
Amphenol Corporation is or has been in the past 12 months a client of Cowen and Company, LLC or its affiliates; Cowen and Company, LLC or its afilliates have provided or are
providing investment banking services during the past 12 months.
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TDCOWEN.COM 7
TD COWEN Amphenol Corporation
EQUITY RESEARCH May 1, 2023

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8 TDCOWEN.COM
TD COWEN Amphenol Corporation
EQUITY RESEARCH May 1, 2023

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Disclosures.action

The recommendation contained in this report was produced at May 1, 2023, 21:15ET. and disseminated at May 1, 2023, 21:15ET.
Copyright, User Agreement and other general information related to this report
© 2023 Cowen and Company, LLC. All rights reserved. Member NYSE, FINRA and SIPC. This research report is prepared for the exclusive use of TD Cowen clients and may not be
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Cowen and Company, LLC. New York 646 562 1010 Boston 617 946 3700 San Francisco 415 646 7200 Chicago 312 577 2240 Cleveland 440 331 3531 Atlanta 866 544 7009
Stamford 646 616 3000 Washington, D.C. 202 868 5300 London (affiliate) 44 207 071 7500

TD COWEN EQUITY RESEARCH RATING DEFINITIONS

Outperform (1): The stock is expected to achieve a total positive return of at least 15% over the next 12 months

Market Perform (2): The stock is expected to have a total return that falls between the parameters of an Outperform and Underperform over the next 12 months

Underperform (3): Stock is expected to achieve a total negative return of at least 10% over the next 12 months

Assumption: The expected total return calculation includes anticipated dividend yield

TD Cowen Equity Research Rating Distribution


Distribution of Ratings/Investment Banking Services (IB) as of 03/31/23
Rating Count Ratings Distribution Count IB Services/Past 12 Months
Buy (a) 644 69.17% 160 24.84%
Hold (b) 281 30.18% 38 13.52%
Sell (c) 6 0.64% 1 16.67%
(a) Corresponds to "Outperform" rated stocks as defined in Cowen and Company, LLC's equity research rating definitions. (b) Corresponds to "Market Perform" as defined in Cowen
and Company, LLC's equity research ratings definitions. (c) Corresponds to "Underperform" as defined in Cowen and Company, LLC's equity research ratings definitions. Cowen and
Company Equity Research Rating Distribution Table does not include any company for which the equity research rating is currently suspended or any debt security followed by TD
Cowen Cross-Asset Research.

Note: "Buy", "Hold" and "Sell" are not terms that Cowen and Company, LLC uses in its ratings system and should not be construed as investment options. Rather, these ratings terms
are used illustratively to comply with FINRA regulation.

ABB Ltd Rating History as of 04/28/2023


powered by: BlueMatrix
I:(1):$26.00 (1):$30.00 (1):$35.00 (1):$40.00 (1):$42.00 (1):$40.00 (1):$42.00
06/09/20 07/28/20 02/11/21 05/05/21 07/22/21 04/27/22 02/17/23
45

40

35

30

25

20

15
Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23

Closing Price Target Price

TDCOWEN.COM 9
TD COWEN Amphenol Corporation
EQUITY RESEARCH May 1, 2023

Amphenol Corporation Rating History as of 04/28/2023


powered by: BlueMatrix
(1):$100.00 (1):$115.00 (1):$130.00 (1):$135.00 (1):$75.00 (1):$80.00 (2):$80.00 (2):$73.00 (2):$75.00
03/23/20 07/27/20 10/22/20 01/28/21 05/26/21 08/02/21 01/07/22 06/30/22 11/01/22
140

120

100

80

60

40
Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23

Closing Price Target Price

Roper Technologies Rating History as of 04/28/2023


powered by: BlueMatrix
(1):$400.00 (1):$480.00 (1):$500.00 (1):$520.00 (1):$545.00 (1):$500.00
04/28/20 07/29/20 08/14/20 07/23/21 10/25/21 07/25/22
600

550

500

450

400

350

300
Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23

Closing Price Target Price

Teledyne Technologies Rating History as of 04/28/2023


powered by: BlueMatrix
(1):$375.00 (1):$450.00 (1):$500.00 (1):$525.00 (1):$500.00
04/23/20 01/28/21 05/19/21 07/29/21 07/27/22
550

500

450

400

350

300

250
Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23

Closing Price Target Price

Legend for Price Chart:


I = Initiation | 1 = Outperform | 2 = Market Perform | 3 = Underperform | UR = Price Target Under Review | T = Terminated Coverage | $xx = Price Target | NA = Not Available |
S=Suspended

10 TDCOWEN.COM
TD COWEN Amphenol Corporation
EQUITY RESEARCH May 1, 2023

POINTS OF CONTACT

Analyst Profiles

Joseph Giordano, CFA Michael Anastasiou


New York New York
646 562 1405 646 562 1437
[email protected] [email protected]

Joe Giordano is a senior analyst covering Michael Anastasiou is an associate covering


the diversified industrials, automation & diversified industrials, automation &
robotics sectors. He is a CFA charterholder robotics. He joined TD Cowen in 2021 from
and a CPA. J.P. Morgan.

Reaching TD Cowen

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TDCOWEN.COM 11

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