As previously reported, RBC Capital Markets analyst Joseph Spak downgraded Lear to Sector Perform from Outperform and lowered his price target for the shares to $135 from $160. The analyst cites the company's negative Q2 revenue pre-announcement and a cut in its FY19 expectations amid continued declines in industry production volumes, adding that although further downside in the stock price may be limited, he also does not see a "compelling" reason for upside. Spak further notes that Lear's E-Systems margins were lower than expected and pressure may persist into 2020.