UPDATE: Morgan Stanley Reiterates Overweight Rating, Lowers PT on TE Connectivity Ltd. on Lowered Estimates

In a report published Monday, Morgan Stanley analyst Craig Hettenbach reiterated an Overweight rating on

, but lowered the price target from $79.00 to $77.00. In the report, Morgan Stanley noted, “We lower our estimates to reflect meaningful strength in the dollar. This impact should be partially mitigated by a meaningful drop in copper prices (COGs benefit). Net, net we would use any volatility around FX to add to positions in the stock. We are Overweight with a $77 PT.” TE Connectivity Ltd. closed on Friday at $62.89.