UPDATE: Deutsche Bank Raises Target to $35 on Delphi Automotive

Deutsche Bank reiterates its Buy rating on Delphi Automotive DLPH and raises its price target to $35 from $33 as the company posts results and guidance well above expectations. Deutsche Bank comments, "From a high level, Delphi appeared to outperform on all key metrics. Revenue growth of 6.4% yoy (ex FX / commodities) compared with global vehicle production growth of ~1.5%. The top-line was particularly impressive in Europe (growth of 8.6% yoy compared with flat production in this region), underscoring the company's strong organic growth, and somewhat more favorable business mix. We reiterate our Buy rating based on valuation." DLPH closed at $25.95 a share on Thursday.