BofA lowered the firm’s price target on Aptiv to $102 from $105 and keeps a Buy rating on the shares. Ahead of Q3 earnings reporting, the firm revised its North American auto production estimates lower given Q3 actuals and OEM commentary that suggests production discipline. The firm notes its revisions are greatest for suppliers, which are not benefiting from strong pricing to the same extent as OEMs and dealers, and points out that its price target changes reflect both estimate changes and adjustments to multiples to reflect the weaker macro environment for suppliers.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on APTV: