UPDATE: BofA Securities Starts Meritor (MTOR) at Buy
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BofA Securities analyst Sherif El-Sabbahy initiates coverage on Meritor (NYSE: MTOR) with a Buy rating and a price target of $30.00.
The analyst comments "We initiate coverage of axle company Meritor (MTOR) with a Buy rating and $30 price objective. We are selectively constructive on names in the truck and truck component sector with a Buy rating on MTOR and CMI, and Underperform ratings on ALSN, and PCAR. We expect Meritor’s ongoing efforts to diversify and expand the business to show through more visibly in EBITDA margin and cash flow in the coming years. Meanwhile the firm is likely to deliver against long term targets amid favorable market conditions through 2023. The firm is active in the EV space, and has aggressively ramped R&D spend alongside announced partnerships. While it is still early, Meritor is positioned to benefit from improved profitability and higher content EV adoption brings."
Shares of Meritor closed at $22.69 yesterday.
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