China and Autos May Give TE Connectivity a Bumpy 2019; Lowering FVE to $87 from $92
TE Connectivity announced first-quarter fiscal 2019 results that were roughly in line with our expectations as revenue and earnings from continuing operations were near management’s prior guidance. However, management signaled that the market softness presaged in the previous quarter’s call was not subsiding and now expects China and the automotive market will experience headwinds throughout the year. After incorporating the guidance for the second quarter and the remainder of the fiscal year, w...
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