UPDATE: Goldman Sachs Initiates Coverage on Delphi Automotive at Buy

According to Goldman Sachs, Delphi Automotive DLPH coverage is initiated at Buy. Goldman Sachs said that it is initiating coverage on Delphi Automotive with a Buy rating and a $29 6-month price target for over 32% upside. “The largest near-term risk is poor economic conditions in Europe, where Delphi has significant exposure and where volume could contract beyond the -3.5% we model for 2012. While not our base case, a hard landing in China would be another reason for concern.” Delphi Automotive closed yesterday at $21.94.