FBR Capital recommends using the recent pullback in shares of Visteon as a buying opportunity. The firm attributes the 4% selloff over the past two days to the expectation that the sale of company's climate business to Hahn & Co. and Hankook Tire was set to close this week. FBR still expects the deal to close within the previously stated allotted time, or June 9. It also thinks Hyundai's May sales decline of 10% could have impacted shares of Visteon. FBR keeps an Outperform rating on the name with a $130 price target.

Sees 2024 adjusted EBITDA $470M-$500M and adjusted free cash flow $155M-$185M.

Reports Q1 revenue $933M, consensus $977.87M. "Our first quarter results highlight our continued progress on addressing the megatrends of digitalization and electrification that are rapidly changing the automotive industry. I am very proud of our continued operational execution and launching a high number of new products across the globe to support our customers and deliver near-term growth," said CEO Sachin Lawande. "We are also strengthening our future with another strong quarter of new business wins across our digital cockpit products while further diversifying into adjacent end markets."