Citi analyst Itay Michaeli raised his price target for Lear Corporation to $234 saying he sees more room for multiple expansion following the company's "strong" Q4 results. The new price target reflects higher estimates and modestly higher target multiples to reflect Lear's "impressive" backlog growth, strategic new business wins and "increasingly relevant" car of the future positioning, including for seats, Michaeli tells investors in a post-earnings research note. The analyst views the stock's risk/reward as compelling and reiterates a Buy rating on Lear.