Guggenheim upgraded BorgWarner to Buy from Neutral with a $41 price target. The firm views post earnings weakness as “unjustified” given its view that the “market fundamentally has EV risks wrong” and that long-term BorgWarner continues to win in electrification, with attractive customer mix. The valuation is “as compelling as it has been in years,” adds the analyst, who expects BorgWarner to outperform auto suppliers over the next 12-18 months off of the current depressed valuation.
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