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Fly News Breaks for September 17, 2018
TEL
Sep 17, 2018 | 10:15 EDT
After TE Connectivity announced an agreement to sell its Subsea Communications business for $325M in cash to Cerberus Capital, Wells Fargo analyst Deepa Raghavan said the sale should help remove a major overhang on the stock despite the fact that the analyst thinks the sale- price to revenues multiple appears low. The "highly tax efficient" proceeds will be used to buy back shares and the portfolio will be less cyclical with a stronger margin profile, said Raghavan, who keeps an Outperform rating on TE Connectivity shares.
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