TE Connectivity price target lowered to $240 from $244 at Truist

Truist lowered the firm’s price target on TE Connectivity (TEL) to $240 from $244 and keeps a Hold rating on the shares. The company delivered in-line Q1 results but highlighted improving orders and a modestly above-consensus Q2 outlook, the analyst tells investors in a research note. Truist adds that the stock’s 12% decline is due to data center and AI revenue coming in flattish sequentially for the second time in a row, as well as its diminished view of the company’s opportunity in scale-out data center networking generally.