As previously reported, Credit Suisse analyst Dan Levy initiated Lear a Neutral rating and $155 price target. While Lear is largely the same company today as it was in the early part of the decade, the analyst notes that in the past year the narrative has pivoted as it increased its embrace of tech, so as to drive growth in the face of an increasingly challenged auto industry environment, and also to close the valuation multiple disparity versus other tech-levered auto suppliers. Levy believes this strategy will drive growth, but EBIT margin is at risk of erosion, and he expects modestly negative revisions to estimates for EBIT.