BofA lowered the firm’s price target on TE Connectivity (TEL) to $167 from $171 and keeps a Buy rating on the shares. The firm is modeling the company’s fiscal Q1 report below guidance due to currency headwinds. It believes TE’s Q2 revenue will be boosted by artificial intelligence revenue, but offset by weaker auto production, persistent weakness in the industrial end and market, and unfavorable currency moves. BofA expects Q2 earnings per share guidance of $1.90, below the Street’s $1.99 estimate. However, the analyst says the company continues to deliver solid overall growth and profitability despite a weaker auto production backdrop.
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