Craig-Hallum lowered the firm’s price target on Gentherm to $70 from $80 and keeps a Buy rating on the shares. The firm believes the sell-off in shares is an overreaction, and a shoot first and ask questions later mentality in a bear market. While Craig-Hallum is cognizant that this was the first quarter in recent memory where Gentherm underperformed industry auto production and Lear’s highly publicized focus on single modular seating solutions adds a perceived competitive threat, the firm points to Gentherm’s outsized auto awards in Q3 and the past three years, increased thermal contenting in vehicles, and agnostic drivetrain portfolio of products.
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