Aptiv initiated with a Buy at UBS

UBS analyst Joseph Spak initiated coverage of Aptiv with a Buy rating and $143 price target as part of a broader research note on U.S. Autos, Auto Parts, and Auto-Tech names. The group at large has sold off owing in part to uncertainty around the UAW-D3 labor negotiations, but the firm’s analysis suggests that on average, about 4 weeks of a strike at each of the D3 companies has been priced in, and if a strike occurs, it too will pass, the analyst tells investors in a research note. On a relative basis, Aptiv also screens better based purely on geographic exposure, the firm states, adding that the company has one of the best Growth over Market rate profiles over the coming years.