UPDATE: Goldman Sachs Upgrades TE Connectivity (TEL) to Conviction Buy
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Price: $201.47 -3.14%
Rating Summary:
17 Buy, 12 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 4 | Down: 9 | New: 31
Rating Summary:
17 Buy, 12 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 4 | Down: 9 | New: 31
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(Updated - June 25, 2013 12:17 PM EDT)
Shares of TE Connectivity (NYSE: TEL) are 2.3 percent higher Tuesday after Goldman Sachs added shares to their Conviction Buy List, with a $53 price target better signs in Networks and Industrial and a low multiple.
Goldman analyst Mark Delaney notes that data points since the company's Q1 call have been positive in markets like Networks (~ 20% of sales) with Cisco, Ciena, and
Juniper all noting a pick-up in the US carrier market, and Industrial (20-25% of sales) with Avago and TI recently discussing industrial sales strength.
"We continue to believe that cyclical improvement in these markets, better sales in mobile devices and consumer in 2H13, and solid trends in auto will allow TE to outperform," Delaney said.
On valuation, the analyst notes shares trades at a 33% discount to peers on normalized EPS despite strong FCF and shareholder cash returns.
For an analyst ratings summary and ratings history on TE Connectivity click here. For more ratings news on TE Connectivity click here.
Shares of TE Connectivity closed at $44.09 yesterday.
Shares of TE Connectivity (NYSE: TEL) are 2.3 percent higher Tuesday after Goldman Sachs added shares to their Conviction Buy List, with a $53 price target better signs in Networks and Industrial and a low multiple.
Goldman analyst Mark Delaney notes that data points since the company's Q1 call have been positive in markets like Networks (~ 20% of sales) with Cisco, Ciena, and
Juniper all noting a pick-up in the US carrier market, and Industrial (20-25% of sales) with Avago and TI recently discussing industrial sales strength.
"We continue to believe that cyclical improvement in these markets, better sales in mobile devices and consumer in 2H13, and solid trends in auto will allow TE to outperform," Delaney said.
On valuation, the analyst notes shares trades at a 33% discount to peers on normalized EPS despite strong FCF and shareholder cash returns.
For an analyst ratings summary and ratings history on TE Connectivity click here. For more ratings news on TE Connectivity click here.
Shares of TE Connectivity closed at $44.09 yesterday.
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