-- Littelfuse (LFUS) is seeing continued momentum driven by data center demand and new design wins, supporting continued growth, Oppenheimer said in a note Friday.
The analysts said new design wins grew at a double-digit rate in 2025. Data center design wins more than doubled year-over-year in 2025 and accelerated in H2, with year-to-date growth of about 50% by Q3 and more than doubling in that quarter alone.
Direct data center applications made up nearly 10% of H2 sales, rising to the low double digits, including the Basler acquisition, compared with low single digits less than two years ago, the analysts added.
The company pivoted to organic growth in early 2025 after two years of weaker conditions, with momentum building through Q4.
"LFUS's 2025 recovery was very datacenter/adjacent-centric, with meaningful emphasis on broadening of momentum into 2026, even as datacenter design win momentum escalated through H2," the analysts said.
Oppenheimer raised its price target on Littelfuse to $430 from $380 while keeping its outperform rating.
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