TE Connectivity price target raised to $198 from $170 at Wells Fargo

Wells Fargo analyst Colin Langan raised the firm’s price target on TE Connectivity (TEL) to $198 from $170 and keeps an Equal Weight rating on the shares. The firm notes TE was trading up as Q3 EPS beat and the Q4 EPS guide was about 6% above consensus. Management once again raised their AI sales outlook, now to $800M from $700M prior. Moreover, margins are now expected to stay over 20% in both segments, Wells adds.