Aptiv price target lowered to $148 from $149 at Oppenheimer

Oppenheimer analyst Colin Rusch lowered the firm’s price target on Aptiv to $148 from $149 and keeps an Outperform rating on the shares. With Aptiv posting largely in-line results and guidance while indicating an expected rebound in GoM, the firm believes its commentary on returning cash to shareholders via share repurchases while managing higher labor rates will be viewed in a mixed way by investors. Oppenheimer expects the company’s indication that it would sell down its stake in Motional could moderate expectations for earnings upside later in the decade, but is consistent with Aptiv’s strategy to help the industry migrate toward software defined architecture, enabling more modular solutions and accelerated learning cycles.