TE Connectivity (TEL)

We reduce F2023E (Sept) EPS for TE Connectivity (TEL; $113.52; E/W) from $7.60 to $6.80 (vs. $7.33 in F2022) after its basically as expected FQ4 results, albeit with puts and takes, came with FQ1E (Dec)…

TE Connectivity (TEL; $123.44; E/W) reported FQ4 (Sep) non-GAAP EPS of $1.88, which was slightly ahead of our $1.85 and the Street’s $1.87 on somewhat better sales ($4,359mm vs. our $4,203mm and consensus of $4,213mm)….

We see TE Connectivity’s (TEL; $107.52; E/W) record backlog levels protecting against major disappointments, despite rising macro concerns, when it reports its FQ4 (Sept) on 11/2 (before market). However, we expect to see a noticeable…