Barclays analyst Brian Johnson downgraded Delphi Technologies to Equal Weight from Overweight with a price target of $13, down from $23. The company's Q3 results, while not terrible," introduced a "handful of warning signals" that give pause when thinking through the company's transition path over the next two years, Johnson tells investors in a research note. Delphi lowered Q4 guidance, unveiled a multi-year restructuring plan and indicated that 2020 growth and margins would again come under pressure after an already "transitionary" 2019, says the analyst. As such, he suspects the company's "mid-term portfolio transition may be more painful than the market is bracing for."