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Fly News Breaks for September 12, 2019
Sep 12, 2019 | 06:20 EDT
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.
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