In a report published Monday, Citigroup analyst Itay Michaeli reiterated a Buy rating on Lear Corporation LEA, 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.
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