TE Connectivity price target raised to $145 from $140 at Stifel

Stifel raised the firm’s price target on TE Connectivity to $145 from $140 and keeps a Hold rating on the shares. The company’s Q1 sales were modestly below the firm’s estimates, with strength in auto, medical, and energy offset by de-stocking in the industrial equipment market and sluggish demand in communications, the analyst tells investors. EPS was still higher than the firm’s estimate, which was largely due to better-than-expected volumes in auto, the ongoing “footprint reduction” and cost cutting efforts across all segments, and the portfolio pruning by exiting lower-margin products, the firm says.