UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Delphi Automotive PLC on Investor Day Highlights
In a report published Wednesday, J.P. Morgan reiterated its Overweight rating on Delphi Automotive PLC (NYSE: DLPH), and raised its price target from $45.00 to $48.00.
J.P. Morgan noted, “DLPH is structurally advantaged today because it was able, through a long bankruptcy process, to cherry pick the best, most profitable businesses of a large diversified supplier, emerging with an attractive low cost footprint, strong geographic exposure, and a product set aligned with the ‘safe, green and connected' industry secular growth themes it has identified. Delphi was also early to understand the growth opportunity in China. As a result, today only VC and JCI derive a greater portion of non-consolidated sales from China. What is more, DLPH's China sales are fully consolidated. Its greater ownership and management control of its all its China ventures, further leverages it to this growth market.”
Delphi Automotive PLC closed on Tuesday at $39.73.
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