Zacks Reiterates Neutral Rating for TE Connectivity (TEL)
TE Connectivity (NYSE:TEL)‘s stock had its “neutral” rating restated by Zacks in a note issued to investors on Friday. They currently have a $67.00 price target on the stock. Zacks‘s price target indicates a potential upside of 5.25% from the company’s current price.
Zacks’ analyst wrote, “TE Connectivity is an electronics and miscellaneous products company. We are maintaining our Neutral recommendation on TE Connectivity with a target price of $67. During the second quarter, the company reported strong results with earnings up 25% year over year and revenues up 5.1% year over year. Profits during the quarter were driven by a strong performance of the company’s Transportation Solutions segment, supported by growth in the Industrial Solutions segment, Telecom Networks and Appliances businesses. However, the company’s Network Solutions and Consumer Solutions segments reported weak performances. The competitive pressure and currency volatility also remain concerns.”
A number of other analysts have also recently weighed in on TEL. Analysts at Goldman Sachs raised their price target on shares of TE Connectivity to $66.00 in a research note on Thursday, June 19th. Separately, analysts at Citigroup Inc. reiterated a “buy” rating on shares of TE Connectivity in a research note on Thursday, April 24th. They now have a $73.00 price target on the stock. Finally, analysts at Bank of America upgraded shares of TE Connectivity from a “neutral” rating to a “buy” rating in a research note on Friday, April 11th. They now have a $70.00 price target on the stock, up previously from $60.00. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. TE Connectivity has a consensus rating of “Buy” and an average price target of $68.60.
In other TE Connectivity news, EVP Robert N. Shaddock unloaded 35,000 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $62.12, for a total value of $2,174,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
TE Connectivity (NYSE:TEL) traded up 0.71% on Friday, hitting $63.66. The stock had a trading volume of 539,938 shares. TE Connectivity has a one year low of $46.36 and a one year high of $63.84. The stock has a 50-day moving average of $60.53 and a 200-day moving average of $58.35. The company has a market cap of $26.019 billion and a P/E ratio of 18.43.
TE Connectivity (NYSE:TEL) last announced its earnings results on Wednesday, April 23rd. The company reported $0.95 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.91 by $0.04. The company had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.45 billion. During the same quarter in the prior year, the company posted $0.76 earnings per share. The company’s quarterly revenue was up 5.1% on a year-over-year basis. Analysts expect that TE Connectivity will post $3.79 EPS for the current fiscal year.
TE Connectivity Ltd. (NYSE:TEL), formerly Tyco Electronics Ltd.
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