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Fly News Breaks for February 12, 2020
ADNT
Feb 12, 2020 | 09:21 EDT
As previously reported, Morgan Stanley analyst Armintas Sinkevicius upgraded Adient to Equal Weight from Underweight with a price target of $27, up from $17. After Adient agreed to sell its 30% stake in Yanfeng Global Automotive Interior Systems for $379M, Sinkevicius said the sale raises the multiple for the entire business in China and argues for a higher multiple for the rest of the business. The analyst, who raised his Adient estimates to account for the beat to Q1, also cites the gradual improvement in Seat Structures & Mechanisms, the company's lower leverage and the fact that production data is stabilizing in China excluding the coronavirus.
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