TE Connectivity removed from ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI is removing TE Connectivity from the firm’s “Tactical Outperform” list with the stock up 7% following “strong” December-end quarter results that came in ahead of Street expectations on EPS despite in-line revenues. While the firm doesn’t think TE can avoid the macro issues, “the print does show their diversity and better geographic presence is helping drive a more stable revenue outlook” and that past cost reduction plans are starting to show benefits, says the analyst, who maintains an Outperform rating and $160 price target on the shares.