Deutsche Bank resumed coverage of Adient with a Hold rating and $24 price target. Adient faces several challenges in the current environment, including slower vehicle launches by its OEM customers, adverse mix, and a lower EV demand environment, the analyst tells investors. Due to these aforementioned factors, the company had cut its FY24 revenue guidance meaningfully, the analyst noted.
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- S&P announces changes to S&P 400, 600 indexes for quarterly rebalance
- Adient assumed with a Peer Perform at Wolfe Research
- Adient price target lowered to $24 from $29 at Barclays
- Adient cuts FY24 revenue view to $14.6B from $14.8B-$14.9B, consensus $14.84B
- Adient reports Q3 adjusted EPS 32c, consensus 64c