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Fly News Breaks for June 8, 2017
LEA
Jun 8, 2017 | 08:23 EDT
As previously reported, Morgan Stanley downgraded Lear to Underweight from Equal Weight and reduced its price target to $134 from $149. Analyst Adam Jonas made "big" cuts to his US auto industry sales forecast, reducing annual unit forecasts between 1M and 4M units, and now expects 2019 and 2020 US SAAR of 15M units each. Jonas expects Lear's earnings to peak this year and to fall by 20% by 2021 and expects Electrical business margins to disappoint investors due to higher development costs, increased competition, and potential lost market share.
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