Citi initiated coverage of TE Connectivity with a Neutral rating and $146 price target. The company should benefit from broader secular trends, but with the auto segment representing 40% of its sales, its 2024 growth could underperform as growth rates in electric vehicles moderate to 25%-30%, following 70% average growth in the prior three years, the analyst tells investors in a research note. The firm is modeling improved profitability levels for TE, but notes its margin expansion potential is likely to be tempered by slower auto growth.
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