Adient falls after report BofA lowers rating, cuts PT

Adient

21/11/2024 13:15

** Car seat maker Adient's shares  ADNT.N  fall 1% to $18.87
premarket
    ** Bofa downgrades rating to "neutral" from "buy", as per
TheFly
    ** ** Cuts PT to $24 from $30, still representing a ~26%
upside to the stock's last close
    ** Cites lack of near-term catalysts as well as operating
results “pointing flat to down” in FY25 
    ** 'The soft FY25 outlook may be made worse by Adient’s
large exposure to automakers whose production volumes will
likely remain under pressure' - said BofA analysts, as per 
TheFly
    ** Two brokerages rate the stock "buy", seven "hold" and two
"sell"; their median PT is $24 - LSEG data
    ** As of last close, stock had fallen 47.6% YTD

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