Goldman downgrades Visteon to Sell with 2019 'likely another down year'
Goldman Sachs analyst David Tamberrino downgraded Visteon (VC) to Sell from Neutral and lowered his price target for the shares to $63 from $83. The analyst sees risk to the company's 2021 targets with 2019 "likely another down year." He believes Visteon will continue to underperform peers in an "already difficult" environment for Autos. Visteon's upcoming business update will likely to be a negative catalyst due to "soft" 2019 guidance, lowered 2021 targets, and backlog revisions, Tamberrino tells investors in a research note. Further, the analyst sees potential for additional volume and pricing pressure given Visteon's (F) high Ford exposure as well as a lower likelihood of a takeout. VC F