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Fly News Breaks for September 23, 2019
TEL, APH
Sep 23, 2019 | 07:30 EDT
As previously reported, Morgan Stanley analyst Craig Hettenbach downgraded TE Connectivity (TEL) to Equal Weight from Overweight and lowered his price target for the shares to $95 from $98. The stock has outperformed by 7%-11% compared to peers year-to-date, which he attributes to its active portfolio management and cost initiatives leading to better EPS power through the cycle. However, Hettenbach thinks investors will get opportunities to add exposure as pressures on the business cycle play out and he sees a better near-term opportunity in Amphenol (APH) following that stock's underperformance, he tells investors.
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