AXT shares surge 14.46% after hours after hitting 52-week high, as analyst upgrades offset revenue forecast cut.

AXT Inc. surged 14.46% in after-hours trading following its stock hitting a 52-week high of $26.88, driven by a year-over-year gain of 1,187.16% and a market capitalization of $1.45 billion. Despite a reduced fourth-quarter revenue forecast due to Chinese export permit issues, analyst activity highlighted mixed signals: B.Riley downgraded to Neutral but raised its price target to $18.00, while Craig-Hallum maintained a Buy rating and raised its target to $26.00, aligning closely with the stock’s recent peak. The latter upgrade underscored confidence in AXT’s supply capabilities and demand dynamics, outweighing short-term revenue concerns. Broader semiconductor sector optimism, including Needham upgrades for peers Nova Measuring Instruments and Ichor Holdings, further reinforced market sentiment, supporting the sharp after-hours rally.