On June 20, 2023, TE Connectivity (NYSE:TEL) made headlines as investment analysts at Credit Suisse Group raised the electronics maker’s price target from $138.00 to $150.00. This research report was issued to clients and investors on Tuesday, June 20th, and according to The Fly, Credit Suisse Group’s price objective points to a potential uptick of 10.58% from the stock’s previous close.
TE Connectivity last issued its quarterly earnings results on Wednesday, April 26th where it reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.07. The firm also had revenue of $4.16 billion for the same period compared to analyst estimates of $3.91 billion. These recent financial results indicate that TE Connectivity’s quarterly revenue was up 3.8% compared to the same quarter last year but lower EPS posting in comparison with last year.
TE Connectivity Ltd., focused on designing and manufacturing connectivity and sensor solutions, operates through three main segments: Transportation, Industrial and Communications Solutions. In particular, their Transportation Solutions segment offers products for use in the automotive commercial transportation and sensors markets.
The high degree of innovation brought forth by TE Connectivity is expected to drive sustained growth in this competitive industry where advancements in technology are required to keep pace with ever-evolving market needs.
As a group, equities analysts continue to project strong fiscal year – with a forecasted EPS of 6.56 EPS for the current fiscal year alone- further reinforcing confidence across the global investment community that TE Connectivity remains well positioned as a potential frontrunner within this space.
Overall, despite market challenges associated with Covid-19 pandemic globally since it started in early 2020 yet with consistent tech innovation efforts coupled other drivers at play such as increasing uses cases of IoT devices across various clusters around globe are factors poised out to place the Company TE Connectivity at a vantage position of strategic dominance over its peers in this era of digital transformation.
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TE Connectivity Ltd. Receives Mixed Rating Changes and Price Target Adjustments from Analysts
TE Connectivity Ltd. continues to garner attention from various research analysts, receiving both positive and negative rating changes as well as price target adjustments. JPMorgan Chase & Co. raised their price target on shares of TE Connectivity from $132.00 to $137.00 and gave the company a “neutral” rating in a research note on Wednesday, April 19th, while Truist Financial decreased their target price on shares of TE Connectivity from $131.00 to $127.00 in a research note distributed just over a week later on Thursday, April 27th.
In early May, Evercore ISI upgraded their rating for TE Connectivity’s stock from an “in-line” rating to “outperform” and raised their target price for the stock from $130.00 to $150.00 in a research note issued on Friday the 5th of May. Quite recently, StockNews.com also switched its disposition towards TE Connectivity’s stock, moving from a “hold” rating to a more favorable buy position on Friday May 12th.
Presently there are six investment analysts with hold ratings while four have issued buy ratings for the stock; according to data sourced from Bloomberg.com, it presently has an overall consensus rating of hold with a consensus target price of $138.09.
NYSE:TEL opened at Tuesday’s session at $135.65; TE Connectivity currently trades with its weekly range spread between its 52-week lows of $104.76 and recent highs achieved at $138.24 within this calendar year alone; notably marking significant gains throughout Q1.
The firm operates through three segments; transportation solutions specializing in the automotive, commercial transportation and sensors markets; the industrial segment catering to appliance components and capital equipment industries among others; finally communications solutions which offers connectivity products designed specifically around infrastructure expansion programs embraced throughout datacom and telecom markets worldwide.
Insider trading activities also made headlines recently with Executive Vice President John S. Jenkins selling approximately 25,025 shares of the business’s stock for an average price of $122.32 from Monday May 8th, with CFO Heath A. Mitts also recently selling over 9,418 shares of TE Connectivity’s stock in a transaction on Monday May 1st at an average price of $123.12.
Multiple hedge funds have decreased their stakeholding in TE Connectivity over the past few months, including Keybank National Association OH which sold off about 1.2% of its stakes during Q4; and Transamerica Financial Advisors Inc which now holds approximately 1,009 shares worth an estimated $112,000 in value after buying an additional 82 shares during Q3 in 2022.Another firm, IHT Wealth Management LLC recently increased their holdings by just under 4% to reach about 2,241 shares worth approximately $294,000.
Regardless of trading action by insiders and institutions alike however market analysts continue to track these shifts closely looking out for signs that could indicate a much-needed ray of light within the world economy as a whole amidst uncertainty around the nature and longevity of current geopolitical events.