Evercore ups TE Connectivity target, adds to ‘Tactical Outperform’ list

Evercore ISI analyst Amit Daryanani raised the firm’s price target on TE Connectivity to $160 from $150 and keeps an Outperform rating on the shares. The analyst added the shares to Evercore’s “Tactical Outperform.” The firm expects a “beat and raise” on revenue and earnings, driven by strength in automotive production, when the company reports fiscal Q3 on July 26. Evercore is also constructive on TE’s transportation margins, driven by a combination of pricing coming into effect and greater than 30% incremental margins on “strong” production volume alongside lower inflationary input costs.