BofA Securities Downgrades Lear (LEA) to Underperform
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Jefferies Downgrades Lear (LEA) and BorgWarner (BWA) to Hold and Upgrades Visteon (VC) to Buy
September 20, 2021 7:56 AM EDTJefferies analyst David Kelley downgraded shares of Lear Corporation (NYSE: LEA) and BorgWarner (NYSE: BWA) to Hold from Buy.
The analyst lowered Q3 and FY22 estimates for Tier 1 auto suppliers amid the ongoing chip shortage. Kelley argues that lagging electronics suppliers could be "first to turn, while slower recovery would translate into cyclical supplier underperformance.
A new price target for BWA is $47.00 per share from the prior $55.00 to reflect lower Q3 and Q4 estimates by 37% and 34%, respectively.
We believe management's raised FY'21 pro forma... More
