Autoliv price target lowered to $140 from $150 at Evercore ISI

Evercore ISI lowered the firm’s price target on Autoliv to $140 from $150 and keeps an Outperform rating on the shares. Autoliv kicked off what the firm had previewed to be “a squishy-but-inlinish Q2,” but the result was much worse as the company reduced fiscal year organic growth by 3% & 30% EBIT flow-through for about a $90M EBIT reduction, or 9.5-10% new margin, the analyst tells investors. This is “a VERY BAD read for the entire Supplier space,” adds the analyst, who believes it is fair to now assume auto supplier fiscal year outlooks have 1%-2% topline risk and flow-through at “low/mid 20s decrementals.”