Aptiv price target raised to $97 from $93 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Aptiv to $97 from $93 and keeps a Buy rating on the shares. The sharp share selloff to Aptiv’s “solidly in-line” 2024 guidance reflects investor concerns that its outlook may not be fully de-risked amid optimistic mix assumptions and ambitious margin targets, the analyst tells investors in a research note. The firm says the pullback “also signals deeper questions” around the appropriate multiple for the stock given its slower midterm growth, above-market profile and lower margin targets. Deutsche wonders if the outlook is fully de-risked as it assumes a reversal of customer mix headwinds experienced in North America and China in 2023.