Linamar Corp. (LIMAF) (TSE:LNR) stock was trading lower on October 12 after the company disclosed that the light vehicle production forecast is down “meaningfully” for Europe in Q3, despite being slightly higher overall.
Based in Canada, Linamar Corp. is a diversified manufacturing company, that engages in engineered products powering vehicles, motion, work, and lives.
The company stated that production in Europe during the current quarter decreased by 260,000 vehicles compared with projections made in July.
On the positive side, however, the Asia-Pacific region reported higher-than-expected production.
Further, Linamar expects Q3 global vehicle production at 20.86 million, higher than the previous forecast of 20.14 million.
Is Linamar a Buy?
As per TipRanks, Linamar stock commands a Strong Buy consensus rating based on three Buys and one Hold. Linamar’s average price target of $55.39 implies 39.16% upside potential from current levels.
The company is scheduled to report its Q3 earnings on November 9.
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