Aptiv price target lowered to $104 from $115 at RBC Capital

RBC Capital lowered the firm’s price target on Aptiv to $104 from $115 but keeps an Outperform rating on the shares. The company reported an in-line Q4 and initial FY24 guidance, also announcing plans to de-emphasize Motional and buy back stock – both of which are viewed favorably, the analyst tells investors in a research note. Longer term, RBC believes that Aptiv’s outperformance versus global industry production will continue over the coming years, driven by the company’s product portfolio which is well aligned with three important secular themes in auto: safe, green, and connected, the firm added.