Barclays on U.S. Autos and Auto Parts: June Sales - Bit Softer, but Solid
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Rating Summary:
9 Buy, 6 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
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Barclays on U.S. Autos and Auto Parts: June Sales - Bit Softer, but Solid
Yesterday, Barclays cut estimates and price targets on Ford (NYSE: F), General Motors (NYSE: GM) and several Tier-1 suppliers including BWA, DLPH, JCI, LEA, MTOR, TEN VC and AXL. Analyst, Brian Johnson, said that weakening marcro factors aren't a surprise, but there has been some noticeable deterioration.
Today, Johnson issued expections for June U.S. light vehicle SAAR, seeing 13.8 million (compared to earlier estimate of 14 million).
He said, "We anticipate unit sales of 1.26mn, an increase from 1.05mn units in June 2011, although it should be noted that there is one more selling day this month (27 days) than there was in June 2011, which will likely cause the headline % changes to be ~4% above DSR-adjusted numbers...Although 13.8mn would represent some softening relative to the prints from earlier in the year, we continue to maintain confidence in our full-year 2012 sales estimate of 14.4mn. Although this "softer" sales rate may persist over the next few months, we believe that 2012, like 2011, will finish out strongly."
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Yesterday, Barclays cut estimates and price targets on Ford (NYSE: F), General Motors (NYSE: GM) and several Tier-1 suppliers including BWA, DLPH, JCI, LEA, MTOR, TEN VC and AXL. Analyst, Brian Johnson, said that weakening marcro factors aren't a surprise, but there has been some noticeable deterioration.
Today, Johnson issued expections for June U.S. light vehicle SAAR, seeing 13.8 million (compared to earlier estimate of 14 million).
He said, "We anticipate unit sales of 1.26mn, an increase from 1.05mn units in June 2011, although it should be noted that there is one more selling day this month (27 days) than there was in June 2011, which will likely cause the headline % changes to be ~4% above DSR-adjusted numbers...Although 13.8mn would represent some softening relative to the prints from earlier in the year, we continue to maintain confidence in our full-year 2012 sales estimate of 14.4mn. Although this "softer" sales rate may persist over the next few months, we believe that 2012, like 2011, will finish out strongly."
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