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UPDATE: Credit Suisse Initiates Coverage on Delphi Automotive plc at Outperform, Announces $83.00 PT


Credit Suisse analyst Dan Galves initiated coverage on Delphi (NYSE: DLPH) with an Outperform rating and price target of $83.

Galves credited enhanced organic growth levels (which had been previously lagging) and an effective geographic concentration in key markets (notably China) as key drivers behind the assessment.

Other factors included the company's history of returning all FCF by either M&A, buybacks, or dividends and making smart acquisitions. Also, the company expected increasing levels of New Bookings.

Elaborating on the corporation's future prospects, he stated “be it the product portfolio or its geographic concentration, we think Delphi is well positioned to grow. In China, Delphi has one of the largest/most established footprints of all global suppliers. We expect DLPH to generate an incremental ~$1.5 bln in revs over the next 3 years, representing ~35% of total company growth. Meanwhile, on the product side, demand for its key powertrain products (i.e., GDI, Common Rail) will more than quadruple industry growth, with additional upside in active safety and Infotainment”.

DLPH closed Wednesday's session at $68.19.

Latest Ratings for DLPH

Sep 2019MaintainsNeutral
Jun 2019Initiates Coverage OnNeutral
Jun 2019UpgradesNeutralBuy

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