Amphenol (NYSE:APH) an Attractive Buy at Current Levels Says Ticonderoga

Amphenol (NYSE:APH) appears ready to deliver a solid year, now that their latest quarterly results have come in after the prior blow out quarter they had.

Ticonderoga says, "Amphenol reported 4Q10 sales of $949.9 million (flat Q/Q) that slightly exceeded our estimate of $943.1 million (Street was at $947.9 million), while pro forma EPS of $0.74 was ahead of our $0.73 estimate (the Street was also at $0.73). This 4Q10 sales performance was well below historical seasonal trends due largely to Amphenol delivering a much better than average September quarter (i.e., and the best Q/Q growth in over a decade), combined with disappointing trends in the broadband business due to weakness at cable operators. With 4Q10 results now in the rear view mirror and our expectations for healthy performance from Amphenol in 2011, we believe the stock represents an attractive buy at current levels.

"For 1Q11, we are raising our sales estimate to $932.8 million from $914.6 million and increasing our pro forma EPS projection to $0.71 from $0.69 (the Street is at $0.69). For 2011, we are raising our revenue projection to $3.95 billion from $3.87 billion and pro forma EPS to $3.06 from $3.00 (the Street is also at $3.00). "

Ticonderoga reiterates a "Buy" rating on Amphenol (APH), which closed Thursday at $52.40, down $0.49, or 0.93 percent. Ticonderoga raised their price target on Amphenol from $60 to $64.