UPDATE: Bank of America Downgrades Amphenol to Neutral; Insufficient Upside

Bank of America lowered its rating on Amphenol

from Buy to Neutral with a reiterated $65 price objective. Bank of America noted, "Amphenol remains a high quality connector company that has executed well through business cycles and demonstrated an ability to quickly flex costs to preserve margins. However, shares trading near all time highs and at 16x C13 EPS already incorporate near term positive catalysts (strength in mobile devices) in our opinion. We view incremental upside as limited given the weak macro environment, an uncertain fiscal environment in the US (Defense 15% of APH revenues) coupled with sequestration uncertainty and decelerating organic growth." Amphenol closed at $61.63 on Monday.