Amphenol’s Excellence Merits a Wide Economic Moat, and We See a Rare Buying Opportunity; $83 FVE

We’re upgrading Amphenol’s economic moat rating to wide, from narrow, and subsequently raising our fair value estimate modestly to $83 per share, from $81. We continue to see shares as undervalued at current levels. We think a broad market sell-off has given savvy investors a rare opportunity to get shares of this high-quality name at a discount.