UPDATE: Barclays Upgrades Lear
Shares of Lear (NYSE: LEA) are trading up about 2.5 percent Monday following both an upgrade by Barclays from Equal-weight to Overweight and a $20 increase in the price target from $93 to $113.
Barclays analyst Brian Johnson attributed the upgrade to Lear's potential for growth in its electrical business, which Johnson noted now accounts for 40 percent of Lear's earnings.
For the second quarter, Johnson is above EBIT consensus by $9 million at $254 million. His optimism is driven by both revenue upside and "better-than-expected" margins.
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