Baird downgraded BorgWarner (BWA) to Neutral from Outperform with a price target of $39, down from $45. The analyst elevated Gentex (GNTX) to the firm’s top idea for 2024 in the vehicle technology and mobility sector while downgrading both Aptiv (APTV) and BorgWarner to Neutral. Baird says “too much patience is now required” for BorgWarner shares amid increased electrification risks. The company’s decision to aggressively pursue eProducts is right long-term, but the market’s ability to judge progress appears impaired near term, the analyst tells investors in a research note.
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