Citi lowered the firm’s price target on TE Connectivity (TEL) to $250 from $290 and keeps a Buy rating on the shares. The firm says the copper interconnect names have seen multiple compression as the shift towards optical interconnect gains momentum. Data center demand and improving industrials provide partial offsets to the mixed auto backdrop in the near term for TE, the analyst tells investors in a research note.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TEL:
- TE Connectivity assumed with a Buy at Jefferies
- TE Connectivity price target lowered to $214 from $249 at Wells Fargo
- Credo, TE Connectivity reach settlement in active electrical cable disputes
- TE Connectivity Shareholders Back Board and Governance Proposals
- TE Connectivity increases quarterly dividend 10% to 78c per share