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In a report published Tuesday, Jefferies analyst Peter Nesvold reiterated a Buy rating on Lear Corporation
LEA, and raised the price target from $57.00 to $61.00.
In the report, Nesvold noted, “Earnings start to trickle in for the autos starting Tuesday, April 23. While 1Q results should be reasonably uneventful, downward pressure is building on 2H:13 estimates due to a continued slide in European sales. Coupled with a 34% expansion of EBITDA multiples over the past six months, it's getting increasingly difficult to put incremental capital to work in the group.”
Lear Corporation closed on Monday at $51.97.
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