KeyBanc Cuts Price Target on Lear (LEA) Due to Lower Estimates
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Price: $121.49 +1.77%
Rating Summary:
12 Buy, 17 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 2 | Down: 10 | New: 19
Rating Summary:
12 Buy, 17 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 2 | Down: 10 | New: 19
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KeyBanc is maintaining its Buy rating on shares of Lear (NYSE: LEA), but is reducing its price target from $67 to $57.
The company reported solid Q4 results with earnings topping expectations on a 11 percent increase in total sales. Lear reiterated its 2012 guidance which calls for $13.8-$14.4 billion in total sales.
An analyst at KeyBanc comments, "Going forward, longer-term sales growth is likely to resume in 2013, driven by recovery in end markets (we have conservatively assumed 0% growth in European production in 2013) as well as the Company’s net new business backlog."
The firm cut its fiscal 2012 EPS estimate from $5.80 to $4.96 and released its 2013 estimate at $5.65.
For an analyst ratings summary and ratings history on Lear click here. For more ratings news on Lear click here.
Shares of Lear closed at $42.50 yesterday.
The company reported solid Q4 results with earnings topping expectations on a 11 percent increase in total sales. Lear reiterated its 2012 guidance which calls for $13.8-$14.4 billion in total sales.
An analyst at KeyBanc comments, "Going forward, longer-term sales growth is likely to resume in 2013, driven by recovery in end markets (we have conservatively assumed 0% growth in European production in 2013) as well as the Company’s net new business backlog."
The firm cut its fiscal 2012 EPS estimate from $5.80 to $4.96 and released its 2013 estimate at $5.65.
For an analyst ratings summary and ratings history on Lear click here. For more ratings news on Lear click here.
Shares of Lear closed at $42.50 yesterday.
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