UPDATE: KeyBanc Downgrades Amphenol; Removes PT

According to a research report published earlier today, KeyBanc has downgraded Amphenol

from Buy to Hold, and has removed its $59 PT. In the report, KeyBanc commented, “We are downgrading shares of APH from BUY to HOLD as the stock has nearly achieved our former $59 price target, and we find it more challenging at current price levels to aggressively suggest “new money” move into the name. Investors with a largecap growth orientation and a longer-term time horizon may be well-served owning shares of this high quality name, but we believe investors will be best served to wait for a better entry point at a more conservative valuation, possibly in the context of a scenario where demand visibility for defense, broadband and wireless infrastructure spending becomes more apparent.” Amphenol closed yesterday at $58.51.