Visteon rises on buyback plan, forecast

Visteon

07/03/2023 14:43

** Shares of automotive technology company Visteon Corp
 VC.O  up ~4% at $171 early trade 
    ** Board authorizes share buyback program of $300 million 
    ** At Investor Day, targets $5.5 billion in sales in 2026, 
compared with $4 bln for 2023
    ** Expects to fund buybacks through cash on hand and future
cash flow generation
    ** Brokerage Berenberg raises PT to $191 from $152    
    ** Nine of 17 brokerages rate the stock "buy" or higher, six
"hold" and two "sell"; their median PT is $170
    ** YTD, stock up nearly 26% 

 (Reporting by Pratyush Thakur)
 ((pratyush.thakur@thomsonreuters.com))