UPDATE: Goldman Sachs Upgrades Lear Corporation to Buy - Lear (NYSE:LEA)

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Goldman Sachs raises its rating to Conviction Buy on Lear Corporation (NYSE: LEA) as it sees upside to consensus estimates and company's guidance. The price target of $60 is reiterated. Goldman Sachs notes, "We see upside to consensus estimates and company guidance for revenue and EBIT on the back of stronger demand for trucks and GM's ability to keep production flat yoy. We expect incremental margins to inflect positively in the back half of this year as headwinds related to development costs, manufacturing inefficiencies, and the timing of price downs abate. We also see Lear's large valuation discount to the group as unwarranted and our revised 2012 and 2013 EPS estimates are 4% and 2% above consensus."LEA closed at $46.04 a share on Thursday.

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