Wells Fargo raises BorgWarner PT on EV business
07/06/2023 13:03
** Wells Fargo raises BorgWarner Inc BWA.N PT by $1 to
$56, sees continued upside to earnings driven by the auto
supplier's EV setup
** The new price target represents a 19.2% upside to the
BWA's last close
** BWA on Tuesday forecast its EV business to generate about
half of its total expected sales of over $10 billion by 2027
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** BorgWarner is reducing silicon carbide usage and removing
rare earth material from e-motor to eliminate supply headwinds,
likely mimicking Tesla's TSLA.O similar targets
** 11 of 19 brokerages rate the stock "buy" or higher, eight
"hold"; their median PT is $55.5
** Stock gained ~17% so far this year
(Reporting by Pratyush Thakur)
((Pratyush.Thakur@thomsonreuters.com))