The Magnetti Marelli and Tower deals this year seem to belie common wisdom that it's too late in the cycle for "take private" transactions in the auto parts space, Barclays analyst Brian Johnson tells investors in a research note. Late cycle auto parts deal history is "less bad then investors think," says the analyst. He believes leverage buyouts "could provide a floor to valuations" in the sector. Of the four companies he screened, American Axle (AXL), Delphi Technologies (DLPH), Garrett Motion (GTX) and Adient (ADNT), the analyst says American Axle is the most promising leverage buyout candidate. American Axle may be the best all-around candidate for a take-private transaction, largely due to its strong cash flow generation, says Johnson.