Near-Term Headwinds Emerge for Subsea-Free TE; Lowering FVE to $92
TE Connectivity’s full-year results topped our expectations on both revenue and adjusted earnings per share after normalizing between periods for the impact of the SubCom sale as the subsea business was expected to contribute roughly $700 million in sales for the fiscal year. The strong performance, however, was coupled with guidance that dampened our outlook for the upcoming quarter and fiscal year. We are lowering our fair value estimate to $92 from $97 to account for near-term headwinds but w...
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