BofA Securities Downgrades Lear (LEA) to Underperform

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Go back to BofA Securities Downgrades Lear (LEA) to Underperform

Jefferies Downgrades Lear (LEA) and BorgWarner (BWA) to Hold and Upgrades Visteon (VC) to Buy

September 20, 2021 7:56 AM EDT

Jefferies 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