In a report published Wednesday, Morgan Stanley analyst Ravi Shanker reiterated an Underweight rating on Harman International Industries HAR, but removed the $47.00 price target.
In the report, Morgan Stanley noted, “GM recently significantly scaled down its efforts to build its own infotainment app store in favor of leveraging Apple/Google's existing platforms. Moving to BYOD for all but the most critical functions (which remains in-house at the OEM) leaves little room for traditional infotainment suppliers.”
Harman International Industries closed on Tuesday at $94.65.
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