TE Connectivity (TEL) Receives a Buy from Oppenheimer


In a report released today, Christopher Glynn from Oppenheimer maintained a Buy rating on TE Connectivity (TEL), with a price target of $95. The company’s shares opened today at $77.

Glynn noted:

“TEL delivered EPS at the high end of the F1Q19 range, on revenue near (but within) the low end of the range. TEL also and trimmed full-year revenue guidance by about $450M/EPS range by $0.25 (organic outlook to ~flat vs. prior ~3% midpoint). The EPS reduction reflects $0.30 lower operations (now up $0.09 y-o-y midpoint vs. $0.39 prior) which implies ~30% decrementals on the lower sales view partially offset by $0.05 lower tax rate headwind (FX/tax a $0.25 headwind vs. $0.30 initially). TEL sees 2H revenue about $250M above 1H (less than normal seasonality), and we estimate ~35% core sequential incremental margins plus ~$0.10 restructuring savings to bridge full year EPS. In Transportation, auto organic sales were (1)% y-o-y on 7% lower global auto production.”

According to TipRanks.com, Glynn is a 5-star analyst with an average return of 6.7% and a 57.4% success rate. Glynn covers the Industrial Goods sector, focusing on stocks such as Emerson Electric Company, Honeywell International, and Roper Technologies.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for TE Connectivity with a $91.89 average price target.

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Based on TE Connectivity’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $3.51 billion and net profit of $1.66 billion. In comparison, last year the company earned revenue of $3.48 billion and had a GAAP net loss of $40 million.

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TE Connectivity Ltd. engages in the design and manufacture of connectivity and sensors solutions. It operates through the following segments: Transportation, Industrial, and Communications Solutions. The Transportation Solutions segment offers products that are used in the automotive, commercial transportation, and sensors markets.

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