Needham Downgrades AXT, Inc. (AXTI) to Hold

Needham analyst Charles Shi downgraded AXT, Inc. (NASDAQ: AXTI) from Buy to Hold.

The analyst comments "We are downgrading AXTI to Hold and moving to the sidelines. While we believe in the InP story fundamentally, we think the stock has outrun itself and the obvious retail frenzy on the name has made it more challenging for fundamental analysts like us, especially at these levels. In addition, we see AXTI has very little control over its business, and believe the market seems to have underplayed the fact that how much revenue they can make is not up to the company but is dictated by the policy of the Chinese government, which should continue to be a risk for the name."

For an analyst ratings summary and ratings history on AXT, Inc. click here. For more ratings news on AXT, Inc. click here.

Shares of AXT, Inc. closed at $22.09 yesterday.

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