TE Connectivity price target raised to $150 from $138 at Credit Suisse

Credit Suisse analyst Guy Hardwick raised the firm’s price target on TE Connectivity to $150 from $138 and keeps an Outperform rating on the shares. The firm notes TE has won $1B of design wins for AI interconnects with an annualized impact of +$250M to revenues. While the company will not see the full impact till 3-4 years out, Credit Suisse believes the revenue is incremental and estimates +25c tailwind to EPS. Near-term, the firm thinks the impact will be a positive to TE’s multiple as AI adds another growth driver to the investment thesis, adding to the content story in EVs, MedTech, Alt. energy and A&D.