Berenberg Starts Delphi Automotive PLC (DLPH) at Hold
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Berenberg initiates coverage on Delphi Automotive PLC (NYSE: DLPH) with a Hold rating and a price target of $70.00.
Analyst Fei Teng commented, "We initiate with a Hold rating and price target of $70: Delphi is successfully repositioning itself into a high growth, high margin business through M&A and cost optimisation, and stands as one of the best quality businesses within its peer group. Its growth profile, margin resilience and best-in-class cash generation supports our constructive view of the company, but we also see downside risk to growth and pricing in its Powertrain division. On balance, we see Delphi as a high quality business with resilience to a volume downturn, but are wary of incremental political risk around emissions legislation and potential trade barriers with Mexico following the US election results."
Shares of Delphi Automotive PLC closed at $68.67 yesterday.
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