Morgan Stanley analyst Craig Hettenbach said he sees Amphenol (APH) having the "most compelling risk/reward" among the stocks he covers as he believes the shares have been "disproportionately penalized" for estimate cuts that he said are in line with those at other broad-based suppliers. The stock's relative underperformance to peer TE Connectivity (TEL) and to the PHLX Semiconductor Sector Index (SOX) is "unjustified" and provides a buying opportunity for investors, contends Hettenbach, who keeps an Overweight rating and $104 price target on Amphenol shares.

Bullish option flow detected in Amphenol with 7,956 calls trading, 8x expected, and implied vol increasing over 3 points to 32.37%. May-24 125 calls and May-24 115 calls are the most active options, with total volume in those strikes near 6,000 contracts. The Put/Call Ratio is 0.20. Earnings are expected on April 24th.