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ADNT

Adient

$25.90

0.31 (1.21%)

, LEA

Lear

$126.40

-2.52 (-1.95%)

06:20
09/12/19
09/12
06:20
09/12/19
06:20

Visteon, Adient, Lear downgraded at UBS on rising recession risk

UBS analyst Colin Langan downgraded Adient (ADNT) and Lear (LEA) to Neutral from Buy and Visteon (VC) to Sells from Neutral as part of a broader sector research note. The analyst says he was previously bullish on the group in hopes of easing trade tensions, which are "not looking good now", and the prospects of a China recovery, which looks "even worse". In addition to these factors, the industry has faced negative news around "surprising margin weakness", risks of increased price concessions, and rising recession possibility. Langan notes that despite these headwinds, U.S. auto suppliers are still up 25% year-to-date even though the average 2019 earnings estimates on the group are down 22%. As part of the downgrade, the analyst cut his Adient price target to $27 from $30, Lear to $135 from $158, and Visteon to $61 from $66.

ADNT

Adient

$25.90

0.31 (1.21%)

LEA

Lear

$126.40

-2.52 (-1.95%)

VC

Visteon

$80.89

-2.5 (-3.00%)

  • 12

    Sep

  • 18

    Sep

  • 23

    Sep

ADNT Adient
$25.90

0.31 (1.21%)

06/26/19
FBCO
06/26/19
INITIATION
Target $24
FBCO
Neutral
Adient initiated with a Neutral at Credit Suisse
Credit Suisse analyst Dan Levy initiated Adient a Neutral and $24 price target.
06/27/19
06/27/19
INITIATION
Target $24

Neutral
Adient initiated with a Neutral as recovery already priced in at Credit Suisse
As previously reported, Credit Suisse analyst Dan Levy initiated Adient a Neutral rating and $24 price target. While the analyst acknowledges the case for Adient, with results having troughed and given his belief new CEO Doug Del Grosso will be a change agent, he sees a long path to recovery and execution risks on top of cycle risks.
09/05/19
LEHM
09/05/19
NO CHANGE
LEHM
LBOs could provide floor in auto parts valuations, says Barclays
The Magnetti Marelli and Tower deals this year seem to belie common wisdom that it's too late in the cycle for "take private" transactions in the auto parts space, Barclays analyst Brian Johnson tells investors in a research note. Late cycle auto parts deal history is "less bad then investors think," says the analyst. He believes leverage buyouts "could provide a floor to valuations" in the sector. Of the four companies he screened, American Axle (AXL), Delphi Technologies (DLPH), Garrett Motion (GTX) and Adient (ADNT), the analyst says American Axle is the most promising leverage buyout candidate. American Axle may be the best all-around candidate for a take-private transaction, largely due to its strong cash flow generation, says Johnson.
09/12/19
UBSW
09/12/19
DOWNGRADE
UBSW
Neutral
Adient downgraded to Neutral from Buy at UBS
LEA Lear
$126.40

-2.52 (-1.95%)

07/17/19
BUCK
07/17/19
DOWNGRADE
Target $140
BUCK
Neutral
Lear risk more balanced at current levels, says Buckingham
Buckingham analyst Joseph Amaturo downgraded Lear to Neutral from Buy and lowered his price target on the shares to $140 from $180 following the company's negative pre-announcement. In a research note to investors, Amaturo said he believes risk is more balanced at current levels following the weak news and downshift in FY19 outlook expectations, adding that he feels the factors hurting Lear's results are largely confined to the E-Systems segment, which has come under "substantial" pressure in recent quarters.
07/29/19
FBCO
07/29/19
NO CHANGE
Target $130
FBCO
Neutral
Lear price target lowered to $130 from $155 at Credit Suisse
Credit Suisse analyst Dan Levy lowered his price target for Lear to $130 from $155 saying that e-systems challenges are "emblematic of pivot from Lear 1.0 to Lear 2.0." The analyst reiterates a Neutral rating on the shares.
09/12/19
UBSW
09/12/19
DOWNGRADE
UBSW
Neutral
Lear downgraded to Neutral from Buy at UBS
07/17/19
SBSH
07/17/19
DOWNGRADE
Target $144
SBSH
Neutral
Lear downgraded to Neutral from Buy at Citi
Citi analyst Itay Michaeli downgraded Lear (LEA) to Neutral from Buy and lowered his price target on the stock to $144 from $188 following the company's 2019 guidance cut, which he contends "might not be fully explained by macro alone." Given the double-digit percentage cut to Lear's FY19 net income outlook, the reaction in the stock today "appears rather mild," said the analsyt, who added that the guidance cut suggests to him a worsening of some of the E-Systems revenue issues he'd previously called out. On the surface, the news appears to have a negative-read for suppliers with heavy exposure in Europe and China - such as Visteon (VC), Autoliv (ALV), Veoneer (VNE), BorgWarner (BWA) and Aptiv (APTV) - but Michaeli reiterated that he thinks there are also company-specific factors in play.
VC Visteon
$80.89

-2.5 (-3.00%)

04/29/19
JEFF
04/29/19
UPGRADE
Target $62
JEFF
Hold
Jefferies upgrades Visteon to Hold, says valuation better reflects risks
Jefferies analyst David Kelley upgraded Visteon to Hold from Underperform while lowering his price target for the shares to $62 from $79. The current valuation adequately reflects the company's 2019 headwinds and more tempered 2020 margin outlook, Kelley tells investors in a research note. Further, Visteon's 2016-2018 backlog as well as favorable cockpit outlook point to a "strong" organic sales rebound in 2020, says the analyst.
09/12/19
UBSW
09/12/19
DOWNGRADE
UBSW
Sell
Visteon downgraded to Sell from Neutral at UBS
04/29/19
BMOC
04/29/19
NO CHANGE
Target $83
BMOC
Outperform
Visteon price target lowered to $83 from $103 at BMO Capital
BMO Capital analyst Richard Carlson lowered his price target on Visteon to $83 after its Q1 earnings miss, but believes that the issues in the quarter around higher engineering spending and new product launch challenges were "transient". The analyst also notes that the subsequent sell-off in the stock is likely "well overdone" and keeps his Outperform rating, noting that the company's order intake "continues at an impressive pace" that will result in a "tailwind of backlog converting to revenue intensifying over the next several years."

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SDC

SmileDirectClub

$10.33

-0.77 (-6.94%)

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  • 12

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INTC

Intel

$51.65

-0.41 (-0.79%)

11:28
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BKNG

Booking Holdings

$1,985.99

11.08 (0.56%)

, FB

Facebook

$183.97

-0.23 (-0.12%)

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Facebook

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  • 27

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M

Macy's

$15.17

-0.56 (-3.56%)

11:25
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Options
Macy's call volume above normal and directionally bullish »

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  • 21

    Nov

CARA

Cara Therapeutics

$19.13

0.29 (1.54%)

11:22
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AZUL

Azul

$37.10

0.25 (0.68%)

, UAL

United Airlines

$86.50

-0.68 (-0.78%)

11:20
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Periodicals
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AZUL

Azul

$37.10

0.25 (0.68%)

UAL

United Airlines

$86.50

-0.68 (-0.78%)

CPA

Copa Holdings

$98.68

-0.67 (-0.67%)

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  • 16

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

11:17
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NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

11:16
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NYSE market internals summary »

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KEM

Kemet

$20.96

0.305 (1.48%)

11:15
10/14/19
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Options
Kemet put volume heavy and directionally bearish »

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I

Intelsat

$24.59

0.26 (1.07%)

11:05
10/14/19
10/14
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Options
Intelsat call volume above normal and directionally bullish »

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DE

Deere

$169.81

-1.16 (-0.68%)

11:03
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Deere to acquire Unimil, terms not disclosed »

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  • 27

    Nov

SDC

SmileDirectClub

$10.48

-0.62 (-5.59%)

11:01
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Breaking Hot Stocks news story on SmileDirectClub »

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  • 12

    Nov

SDC

SmileDirectClub

$10.44

-0.66 (-5.95%)

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  • 12

    Nov

TPR

Tapestry

$24.69

-1.28 (-4.93%)

10:55
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Options
Tapestry put volume heavy and directionally bearish »

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  • 22

    Oct

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Conference/Events
Evercore REITs analyst to hold a luncheon »

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PUBGY

Publicis

$0.00

(0.00%)

, DIS

Disney

$129.71

-0.37 (-0.28%)

10:54
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Periodicals
Disney splitting $3B media business with Publicis, Omnicom, Campaign reports »

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$0.00

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$129.71

-0.37 (-0.28%)

OMC

Omnicom

$74.82

0.17 (0.23%)

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  • 15

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ALXN

Alexion

$99.63

0.37 (0.37%)

10:45
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Options
Alexion call volume above normal and directionally bullish »

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  • 19

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WDC

Western Digital

$59.26

0.9 (1.54%)

, AAPL

Apple

$237.68

1.47 (0.62%)

10:39
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On The Fly
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WDC

Western Digital

$59.26

0.9 (1.54%)

AAPL

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$237.68

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STX

Seagate

$53.60

-0.2 (-0.37%)

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  • 30

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HUM

Humana

$264.13

-2.2 (-0.83%)

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Humana among five MA plans selected for Florida Medicare retirees »

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  • 07

    Nov

  • 13

    Nov

EHTH

eHealth

$54.37

-1.61 (-2.88%)

10:29
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eHealth analyst commentary  »

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  • 24

    Oct

BHC

Bausch Health

$20.50

-0.12 (-0.58%)

10:25
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Options
Bausch Health call volume above normal and directionally bullish »

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  • 04

    Nov

GNUS

Genius Brands

$0.83

0.06 (7.79%)

10:25
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Conference/Events
Genius Brands to host business news update conference call »

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  • 14

    Oct

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SDC

SmileDirectClub

$10.56

-0.54 (-4.86%)

10:20
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  • 12

    Nov

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

10:17
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