Adient falls after BofA lowers rating, cuts PT

Adient

21/11/2024 15:45

(Updates)
    ** Shares of automotive seating supplier Adient  ADNT.N 
fall 1.7% to $18.74
    ** BofA downgrades rating to "neutral" from "buy" citing "a
lack of near-term positive catalysts" and "operating results
pointing flat to down in FY25"
        ** Earlier this month, ADNT 
    posted
     FY25 sales forecast in the range of $14.1 bln to $14.4 bln,
compared with FY24 sales of $14.7 bln, citing lower expected
production volumes
  
    ** BofA says ADNT's soft FY25 outlook may be exacerbated by
large exposure to automakers whose production volumes will
likely remain pressured
    ** Adds ADNT also vulnerable to European production
problems, which may trigger additional restructuring actions, if
they persist 
    ** Cuts PT to $24 from $30, still representing about 26%
upside to ADNT's last close
    ** Two brokerages rate ADNT "buy", seven "hold" and two
"sell"; their median PT is $24, according to data compiled by
LSEG
    ** As of last close, stock had fallen 48.5% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))