KeyBanc analyst James Picariello lowered his price target for Lear to $170 from $185 and maintained an Overweight rating. In a research note to investors, the analyst says he expects second quarter will be "weak as advertised," with his forecast EBIT at the low end of consensus. Additionally, he expects Lear to reorient second half 2019 sales to be up mid-to-high single digits vs. up 10%, and sees a 3%-5% cut to full year consensus numbers. Given the company's new business backlog through the end of 2020, "exceptional" free cash flow, and trough valuation, Picariello says he would be a buyer of any pullback following a likely "clean" reset to the guidance.