Littelfuse upgraded to Outperform from Neutral at Baird

Baird upgraded Littelfuse to Outperform from Neutral with a price target of $300, up from $270. The firm says a “step-function uptick” in its passive components tracker in April gives it greater conviction that a preliminary electronics turn is at hand. Littelfuse estimates have also likely bottomed, suggesting strong next 12 months outperformance, with transportation improvement further additive, the analyst tells investors in a research note. Beyond inflecting cyclicality, Littelfuse also offers attractive secular growth, providing additional outperformance potential, contends Baird.