- Yesterday, AXT (AXTI +2.9%) shares spiked 28% on heavy volume with no clear catalyst, sitting near its highest levels in two years.
- B. Riley analyst Dave Kang says the action "may have been a bit excessive" and thinks investors were reacting to a Digitimes report that AXT customer Osram will supply mini LEDs to Apple.
- Kang confirmed with AXT "that their GaAs substrates are not used for mini LEDs."
- Kang still thinks AXT has solid growth prospects for H2 and maintains a Buy rating and $6.60 price target.
- AXT has a Very Bullish Wall Street analysts rating with a $8.03 price target.