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LEA

Lear

$144.54

-2.27 (-1.55%)

06:54
06/16/17
06/16
06:54
06/16/17
06:54

Lear downgraded to Underperform from Neutral at BofA/Merrill

BofA/Merrill analyst John Murphy downgraded Lea to Underperform from Neutral and cut its price target to $110 from $136. The analyst lowered US sales and North American production forecasts saying year-to-date sales tracking down 2%, following a likely peak in 2016, and there is a "looming tsunami" of off-lease volumes that will hit the industry in 2018, further pressuring vehicle pricing. As a result, Murphy expects a quick and material downturn in the US auto cycle and lowered estimates across the industry. For Lear, the analyst expects favorable volume, price, mix, and low raw material tailwinds to reverse, pressuring earnings.

LEA Lear
$144.54

-2.27 (-1.55%)

06/08/17
MSCO
06/08/17
DOWNGRADE
MSCO
Underweight
Lear downgraded to Underweight from Equal Weight at Morgan Stanley
06/08/17
MSCO
06/08/17
DOWNGRADE
Target $134
MSCO
Underweight
Lear downgraded after 'big' cut to US auto forecasts at Morgan Stanley
As previously reported, Morgan Stanley downgraded Lear to Underweight from Equal Weight and reduced its price target to $134 from $149. Analyst Adam Jonas made "big" cuts to his US auto industry sales forecast, reducing annual unit forecasts between 1M and 4M units, and now expects 2019 and 2020 US SAAR of 15M units each. Jonas expects Lear's earnings to peak this year and to fall by 20% by 2021 and expects Electrical business margins to disappoint investors due to higher development costs, increased competition, and potential lost market share.
06/08/17
MSCO
06/08/17
NO CHANGE
MSCO
Morgan Stanley makes "big" cuts to US Auto Sales forecasts
Morgan Stanley analyst Adam Jonas made "big" cuts to his US auto industry sales forecast, reducing his 2017 US SAAR forecast to 17.3M units from 18.3M units, 2018 to 16.4M units from 18.9M units, 2019 to 15M units from 19.2M units, and 2020 to 15M units from 18.7M units. Jonas believes the auto cycle may be hitting a point of diminishing returns following 8 years into the biggest cycle on record as used car values erode, pressuring conditions for selling new vehicles, and said new vehicle inventory levels continue to rise. Additionally, the analyst expects electrical margins to face increasing competition from new entrants and higher development costs. As a result, Jonas cut estimates across the board and downgraded Lear (LEA) to Underweight from Equal Weight.
06/08/17
06/08/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Juno Therapeutics (JUNO) downgraded to Sell from Neutral at BTIG with analyst Dane Leone saying that the company's treatment for CD19 and hematologic malignancies is on track to hit the market later than competing products, while there is no "demonstrated proof" that Juno will have any advantages in the areas of efficacy or toxicity. 2. National Grid (NGG) downgraded to Sell from Hold at Deutsche Bank with analyst James Brand saying the company's sustainable equity cash flow yield could drop below 6% after its next regulatory review. 3. BHP Billiton (BHP) downgraded to Hold from Buy at Jefferies with analyst Christopher LaFemina saying he believes the balance sheet recap trade in mining as well as the Chinese stimulus-driven recovery in demand is over. 4. Lear (LEA) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Adam Jonas saying he expects Lear's earnings to peak this year and to fall by 20% by 2021 and expects Electrical business margins to disappoint investors due to higher development costs, increased competition, and potential lost market share. 5. Hawaiian Holdings (HA) downgraded to Hold from Buy at Deutsche Bank with analyst Michael Linenberg saying the valuation is near full following the recent rally. The analyst raised his price target for the shares to $64 from $63. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

KMX

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HPE

HP Enterprise

$13.79

0.16 (1.17%)

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HPE

HP Enterprise

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YUM

Yum! Brands

$76.48

0.11 (0.14%)

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MAR

Marriott

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-0.12 (-0.11%)

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ESPGY

Esprit Holdings

$1.21

0.018 (1.51%)

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Esprit Holdings management to meet with JPMorgan »

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BA

Boeing

$256.04

0.58 (0.23%)

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  • 23

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M

Macy's

$21.16

-0.32 (-1.49%)

18:18
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TAHO

Tahoe Resources

$5.60

0.02 (0.36%)

18:12
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ATKR

Atkore

$18.42

0.02 (0.11%)

18:11
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  • 26

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YOGA

YogaWorks

$4.00

-0.04 (-0.99%)

, TXN

Texas Instruments

$86.05

0.22 (0.26%)

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PSDO

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VSAR

Versartis

$21.60

-0.25 (-1.14%)

ASND

Ascendis Pharma

$27.74

-1.55 (-5.29%)

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FTR

Frontier Communications

$11.69

-0.31 (-2.58%)

18:10
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Frontier Communications operations in Florida return to near-normal levels »

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PLYA

Playa Hotels & Resorts

$10.66

-0.06 (-0.56%)

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ASND

Ascendis Pharma

$27.74

-1.55 (-5.29%)

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CE

Celanese

$103.90

-0.04 (-0.04%)

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DNOW

NOW Inc.

$12.98

0.1 (0.78%)

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JOBS

51job

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HES

Hess Corp.

$43.63

0.17 (0.39%)

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Conference/Events
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APC

Anadarko

$48.49

3.68 (8.21%)

17:43
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  • 27

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HCC

Warrior Met Coal

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MAA

MAA

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NOC

Northrop Grumman

$280.42

0.38 (0.14%)

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GD

General Dynamics

$205.72

1.45 (0.71%)

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AAN

Aaron's

$38.83

-0.39 (-0.99%)

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