Gentex (GNTX) PT Lowered to $39 at Jefferies After Supply Driven Earnings Miss

Jefferies analyst David Kelley lowered the price target on Gentex (NASDAQ: GNTX) to $39.00 (from $40.00) after the company reported below consensus 2Q adj. EPS of $0.36 due to supply disruptions weighing on sales, while volume & input costs contributed to below consensus margins.

The analyst reiterated a Buy rating, stating "We lower our 2H & FY'21 ests. reflecting ongoing, but not unexpected, supply shortages. We are encouraged by feature take rates & margin trajectory adj. for normalized volumes. With likely improved pass-through in '22 & given still strong recovery visibility, we remain bullish on outgrowth, mix, & GM trajectory."

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