Delphi Automotive (DLPH) volatility flat into underwriters initiating coverage

Delphi Automotive (Nasdaq: DLPH) is recently up 56c to $22.50 on underwriters talking up the company. Morgan Stanley has a price target of $28, Baird has a $29 target. Overall option implied volatility of 42 is near its three-week average according to Track Data, suggesting non-directional price movement.

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