Bank of America Merrill Lynch Reiterates Buy on TE Connectivity

Bank of America Merrill Lynch is out with its report today on TE Connectivity TEL, reiterating Buy. In a note to clients, Bank of America Merrill Lynch writes, "We hosted CFO Terrence Curtin at our technology conference. We walked away comfortable with our positive stance on TE Connectivity, where we continue to believe that the business model has de-risked the near term negative impact from the tragic events in Japan. In our opinion, the company can grow high single digits longer-term and continue to drive margin expansion to 15%+ operating margins. Reiterate Buy." Bank of America Merrill Lynch maintains a $42 PO on TEL. Shares of TEL closed Wednesday at $36.59, down 0.65% from Tuesday's close.