Lear price target lowered to $141 from $145 at Cit

Citi lowered the firm’s price target on Lear (LEA) to $141 from $145 and keeps a Neutral rating on the shares. The stock traded down following a soft Q2 margin outlook and mixed Q1 results, the analyst tells investors in a research note. The firm appreciates that Lear’s quarterly margins can be lumpier due to relatively newer factors, such as a heavier reliance on commercial recoveries, but says the company’s Q2 outlook prompts a trimming of estimates further below consensus. With Lear shares underperforming post the Q1 results, Citi closed its recommends pair trade of overweight Magna (MGA), underweight Lear.