Aptiv price target lowered to $109 from $110 at JPMorgan

JPMorgan lowered the firm’s price target on Aptiv to $109 from $110 and keeps an Overweight rating on the shares. To reflect the “modestly softer than expected” trend in global light vehicle production during the quarter, the firm lowered Q1 estimates for auto supplier EBITDA by an average of 1% and earnings by 3%, resulting in new estimates that are on average 2% below the Street on EBITDA and 3% lower on earnings. However, the firm increased full year estimates for most suppliers, saying the outlook for full year production has improved since the time of Q4 earnings, and because of the material decline in automotive commodity prices during Q1, which should primarily benefit suppliers beginning in Q2.