KeyBanc Cuts Price Target on Lear (LEA) Due to Lower Estimates

KeyBanc is maintaining its Buy rating on shares of Lear (NYSE: LEA), but is reducing its price target from $67 to $57.

The company reported solid Q4 results with earnings topping expectations on a 11 percent increase in total sales. Lear reiterated its 2012 guidance which calls for $13.8-$14.4 billion in total sales.

An analyst at KeyBanc comments, "Going forward, longer-term sales growth is likely to resume in 2013, driven by recovery in end markets (we have conservatively assumed 0% growth in European production in 2013) as well as the Company’s net new business backlog."

The firm cut its fiscal 2012 EPS estimate from $5.80 to $4.96 and released its 2013 estimate at $5.65.

For an analyst ratings summary and ratings history on Lear click here. For more ratings news on Lear click here.

Shares of Lear closed at $42.50 yesterday.

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