Lear upgraded to Overweight at Barclays ahead of possible ‘buy-the-news quarter’

Barclays upgraded Lear (LEA) to Overweight from Equal Weight with a $177 price target. Since mid-August, the firm has seen “rather negative sentiment in autos” and “surprisingly” this negative sentiment has not been contained to OEMs, as supplier stocks have also seen weak sentiment amid broader macro concerns as well as worries that the eventual resolution of the UAW strike would lead to pricedowns from automakers. In that context, the firm is not making catalyst calls on Lear and Visteon (VC), but is “more constructive on both” ahead of what the firm thinks “could be a buy-the-news quarter.”