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UPDATE: Morgan Stanley Reiterates On Delphi Automotive PLC Following Tax Rate Development

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In a report published Friday, Morgan Stanley analyst Ravi Shanker reiterated an Overweight rating on Delphi Automotive PLC (NYSE: DLPH) and maintained the $85.00 price target.

In the report, Morgan Stanley noted, “The IRS's declaration that DLPH should be treated as a domestic corporation will have little to no impact on earnings through the end of the decade, in our view. DLPH remains an MS Best Idea The IRS disagreed with DLPH in its domicile case.After 4 years of waiting, DLPH announced that on June 24, the IRS notified that it believes DLPH should be treated as a domestic corporation (DLPH is currently based in Jersey, UK) retroactively to Oct 6, 2009, subjecting it to US federal income tax on worldwide taxable income. This would send DLPH's tax rate from 17% in 2013 to 20-22%.”

Delphi Automotive PLC closed on Thursday at $67.62.

Latest Ratings for DLPH

DateFirmActionFromTo
Jun 2017GuggenheimInitiates Coverage OnBuy
Jun 2017Raymond JamesInitiates Coverage OnOutperform
May 2017Bank of AmericaUpgradesUnderperformNeutral

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Posted-In: Morgan Stanley Ravi ShankerAnalyst Color Reiteration Analyst Ratings

 

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