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Fly News Breaks for April 22, 2019
ADNT
Apr 22, 2019 | 09:11 EDT
As previously reported, Buckingham downgraded Adient to Underperform from Neutral, but raised its price target to $20 from $17. Analyst Glenn Chin said the recent announcement regarding a potential notes offering extends Adient's maturities, but the company remains highly levered at 3.7x FY19 EBITDA. Chin sees significant execution risk to management's plans to increase margins and cash generation, and pay down debt, combined with cycle risk, and said good news is more than reflected in shares.
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