TE Connectivity price target raised to $162 from $144 at Wells Fargo

Wells Fargo analyst Colin Langan raised the firm’s price target on TE Connectivity to $162 from $144 and keeps an Equal Weight rating on the shares. The firm notes TE Connectivity’s Q1 margins rose year-over-year and quarter-over-quarter despite lower sales. Margins were driven by stronger LVP, more stable schedules, and footprint/portfolio optimization. TE Connectivity pulled forward EBIT targets in Transport & Comm. due to the sustained restructuring benefits, Wells adds.