Veoneer (VNE) PT Raised to $32 at Mizuho Securities
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Mizuho Securities analyst Vijay Rakesh raised the price target on Veoneer (NYSE: VNE) to $32.00 (from $23.00) while maintaining a Buy rating.
The analyst commented, "VNE reported above-consensus DecQ revenue of $455M, ~flat y/y, with organic sales up 17% y/y vs. LVP up 2%. VNE now sees 2021E units at 82M vs. prior ~80M. DecQ Active Safety was up 38% y/y, with new launches and growing content. VNE should benefit from an C21/C22 global Auto LVP rebound of ~14%/5% y/y, combined with Active safety expected to be up 45% y/y in 2021. Maintaining our Buy rating, adjusting estimates, and raising our PT to $32 (prior $23). We see VNE positioned well with its large order book, a path to positive FCF & sustainable OM in 2023, and a rebound in LVP in 2021E."
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