Barclays on U.S. Autos & Auto Parts: February Sales Preview: 12.6mm SAAR
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Rating Summary:
28 Buy, 13 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays on U.S. Autos & Auto Parts: February Sales Preview: 12.6mm SAAR
Barclays analyst says, "Light vehicle sales appear to have continued at a robust pace in February, with retail and fleet selling rates about in line with last month's solid performance. Based on our channel checks, we estimate that the February 2011 SAAR (seasonally adjusted annual rate) could end up at 12.6mn units, in line with 12.6mn pace of last month."
"We anticipate overall February 2011 industry sales to be up by 20% y-o-y. We expect GM (NYSE: GM) and Toyota (NYSE: TM) to outperform the industry materially on y-o-y basis, but for different reasons."
"Light trucks seem to have continued to perform well, shrugging off concerns around higher gas prices for now. We expect February sales of light trucks to be up 29% y-o-y, versus just 11% for passenger cars, and expect trucks to represent 52.2% of industry sales for the month. This carries on the trend observed in the previous two months when light trucks were up 25%-30% y-o-y and represented 52%-54% of industry sales, the highest mix in three years. If the trend is confirmed, this would be good news for GM, Ford, and the suppliers most exposed to their truck platforms such as American Axle (NYSE: AXL), Dana Corp (NYSE: DAN), Lear (NYSE: LEA) and Tenneco (NYSE: TEN)."
Barclays analyst says, "Light vehicle sales appear to have continued at a robust pace in February, with retail and fleet selling rates about in line with last month's solid performance. Based on our channel checks, we estimate that the February 2011 SAAR (seasonally adjusted annual rate) could end up at 12.6mn units, in line with 12.6mn pace of last month."
"We anticipate overall February 2011 industry sales to be up by 20% y-o-y. We expect GM (NYSE: GM) and Toyota (NYSE: TM) to outperform the industry materially on y-o-y basis, but for different reasons."
"Light trucks seem to have continued to perform well, shrugging off concerns around higher gas prices for now. We expect February sales of light trucks to be up 29% y-o-y, versus just 11% for passenger cars, and expect trucks to represent 52.2% of industry sales for the month. This carries on the trend observed in the previous two months when light trucks were up 25%-30% y-o-y and represented 52%-54% of industry sales, the highest mix in three years. If the trend is confirmed, this would be good news for GM, Ford, and the suppliers most exposed to their truck platforms such as American Axle (NYSE: AXL), Dana Corp (NYSE: DAN), Lear (NYSE: LEA) and Tenneco (NYSE: TEN)."
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