UPDATE: Goldman Sachs Upgrades Cooper-Standard Holdings Inc. (CPS) to Buy
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(Updated - November 22, 2016 9:01 AM EST)
Goldman Sachs upgraded Cooper-Standard Holdings Inc. (NYSE: CPS) from Neutral to Buy with a price target of $100, implying 7% upside. Analyst David Tamberrino highlighted operating improvements and footprint restructuring.
Tamberrino said, "While shares have been resilient in the year-to-date period (+19% vs. the S&P 500 +7% and our Auto coverage average -10%), we expect CPS to outperform peers as incremental footprint restructuring activities, further operational improvement, and significant growth in China drive incremental margin expansion late cycle. When combined with pricing power on new products set to launch in the 2018+ timeframe, we do not expect CPS margins to peak in the near-term. Overall our 2016 and 2017 EBITDA estimates are an average 4% above the Street."
Shares of Cooper-Standard Holdings Inc. closed at $93.05 yesterday.
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