Goldman Sachs Upgrades Lear (LEA) to Conviction Buy

Goldman Sachs upgraded Lear (NYSE: LEA) to its Conviction Buy and raised its price target from $58 to $60, suggesting 30% upside.

The firm sees upside to consensus estimates and company guidance for revenue and EBIT on stronger trucks demand and GM's (NYSE: GM) ability to keep production flat yoy.

"We expect incremental margins to inflect positively in the back half of this year as headwinds related to development costs, manufacturing inefficiencies, and the timing of price downs abate," the analyst commented.

Goldman also sees the large valuation discount to the group as unwarranted.

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 $46.04 yesterday.

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