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Morgan Stanley raises its rating from Equal-weight to Overweight on Lear Corporation
LEA on outlook for seat suppliers. Price target goes from $50 to $55.
Morgan Stanley comments, "Reports of the death of the seat as a value-added component in the car are exaggerated, in our opinion. The seat is complex, expensive and hard to re-source, which makes it difficult to commoditize. This can preserve margin for seat-makers, despite evolving sourcing patterns and mix trends."
LEA closed at $41.15 on Friday.
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