New Apple Watch as a potential customer? If true, this could be a big boost for the use Indium Phosphide substrate. Only one other significant manufacturer for InP. BWS Financial analyst Hamed Khorsand reiterated a Buy rating and $10.00 price target on AXT, Inc. (NASDAQ: AXTI) amid Apple Watch rumors. Khorsand notes the introduction of a new watch from Apple has set off a wave of speculation of AXT Inc. winning business at AAPL. The new series 6 watch has LED light sensors underneath to measure a person's blood oxygen.
"We believe there is a good chance AAPL is a customer, but not for the more lucrative indium phosphide (InP) substrates that investors have been anxiously awaiting for," the analyst commented.
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