We maintain our 12-month target price of $85, 31.8x our '22 EPS estimate, a premium to peers, explained by superior end-market diversification. We maintain our '22 EPS estimate of $2.67 and initiate '23 at $3.00. APH prints Q4 adj-EPS of $0.70 vs. $0.57, beating consensus by $0.06. APH posted $3.03B in Q4'21 revenue (up 25% YoY), driven by robust growth in IT data communications, industrial, mobile networks, automotive, and broadband markets. Interconnect Products sales rose 24% YoY in Q4 and Cable Products sales grew 17%. We expect growth for interconnected products to be driven by IT datacom and broadband markets in '22. In addition, we think Cable Products sales will be aided inorganically in '22 by the acquisition of Halo, CableCOn, and MTS Sensors. APH announced acquisition of Halo Technology in Q4 for $715M; we view this as favorable because Halo's products are complementary to APH's existing high-speed fiber optic interconnect solutions and we expect the acquisition to be accretive to EPS after close.
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