As previously reported, BofA analyst John Murphy upgraded Aptiv to Buy from Neutral with a price target of $140, up from $130. The firm is taking a more constructive view on auto suppliers given improving industry dynamics and notes that is supplier estimates are 5%-10% above consensus on average over the time frame of 2023 to 2025. Higher auto volumes and lower costs “add fuel to the upside” for the group, the analyst added.
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