UPDATE: Morgan Stanley Upgrades Lear Corporation to Overweight; Margin Perseverance for Seat Makers

Morgan Stanley raises its rating from Equal-weight to Overweight on Lear Corporation

on outlook for seat suppliers. Price target goes from $50 to $55. Morgan Stanley comments, "Reports of the death of the seat as a value-added component in the car are exaggerated, in our opinion. The seat is complex, expensive and hard to re-source, which makes it difficult to commoditize. This can preserve margin for seat-makers, despite evolving sourcing patterns and mix trends." LEA closed at $41.15 on Friday.