Gentherm Incorporated (THRM) PT Lowered to $54 at Baird

Baird analyst Luke Junk lowered the price target on Gentherm Incorporated (NASDAQ: THRM) to $54.00 (from $60.00) while maintaining a Neutral rating.

The analyst commented: "Although THRM traded solidly higher following solid 2Q24 results/merely tweaking full-year guidance, including a strong uptick in lumbar/massage (sustainable) and further margin progress (we have increasing confidence), the stock has struggled and currently trades near LTM lows. While we are lowering our 3Q24 estimates below the Street in light of increased LVP headwinds, we believe full-year midpoint adj. EBITBA margins are still achievable (owing to a strong underlying trajectory, including fit-for-growth 2.0 benefits) despite now modeling full-year revenue 1.5% below current ~$1.5 billion guidance. Combined, there is some potential for a less bad outcome set against current negative sentiment, also noting that the stock has traded higher on earnings each print YTD."

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