Citi raised the firm’s price target on TE Connectivity (TEL) to $165 from $160 and keeps a Neutral rating on the shares. The company reported results inline on sales and earnings upside on improved profitability, the analyst tells investors in a research note. The firm says March quarter sales sales were guided below expectations with a negative currency impact. TE’s artificial intelligence momentum is continuing across a broad range of hyperscalers with sales expected to exceed prior expectations, and the company remains confident it can continue to outperform, contends Citi. It cites an improving margin structure and end market recovery for the target increase.
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