U.S. auto tech suppliers: Cycle headwinds continue - Jefferies

Metalert

28/06/2019 12:11

** Jefferies says expects another round of full year
guidance cuts for auto tech suppliers, likely against another
difficult quarter; cuts PTs on U.S. auto suppliers averaging
about 4.1 pct
    ** Says another round of cuts is widely expected as global
production remains soft led by China (with likely limited upside
from North America & Europe)
    ** Cuts PT about 1-10% including for Aptiv Plc  APTV.N  to
$99 from $103; Lear Corp  LEA.N  to 172 from $176; Visteon
Corp VC.O  to $ 58 from $62
    ** Says China volumes have remained under pressure through
May (-18.9% QTD), North America, Europe appear poised for
low-to-mid single digit yr/yr 2Q declines

 (Reporting by Rachit Vats)
 ((rachit.vats@tr.com))