UPDATE: Jefferies Raises PT to $57 on Lear Corporation on 2013 Outlook
Jefferies reiterated its Buy rating on Lear Corporation (NYSE: LEA) and raised the price target from $49.00 to $57.00.
Jefferies noted, "LEA reported another topline beat in 4Q, defying volume headwinds among suppliers from a deteriorating Europe. In contrast to the rest of the group, LEA sees a balanced earnings cadence in 2013 as opposed to a back-end loaded year. With the potential for significant cash returns to shareholders and trading at a mere 3.9x NTM EBITDA, LEA remains attractive."
Lear Corporation closed at $49.60 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.