UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Lear Corporation Following High-Quality 2Q Beat

In a report published Monday, Citigroup analyst Itay Michaeli reiterated a Buy rating on

, and raised the price target from $69.00 to $79.00. In the report, Citigroup noted, “We reiterate our Buy rating on Lear shares following a high-quality Q2 beat & raise. Despite the shares rising 45% YTD, we still see a compelling 12-month risk/reward on attractive valuation (<5x EV/EBITDA), aggressive cash deployment and, most importantly, earnings that continue to debunk the bear case on revenue growth and margins. We've raised estimates and taken our price target to $79 from $69.” Lear Corporation closed on Friday at $67.80.