TE Connectivity (TEL) PT Lowered to $100 at Cowen

Cowen analyst Joseph Giordano lowered the price target on TE Connectivity (NYSE: TEL) to $100.00 (from $120.00) while maintaining a Outperform rating.

The analyst commented, "A strong USD (over 30c y/y headwind in FY19), concerns about China, and potential moves vs. European auto by Trump make sentiment for TEL a clear challenge. Cost out at Industrial, a taper down of expansion spend in auto, and a large scale buyback (likely ~$1.5B in FY19) sets them up well for FY20. Timing is tough but valuation beginning to look very compelling."

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