Lear upgraded to Overweight at Morgan Stanley

As previously reported, Morgan Stanley upgraded Lear to Overweight from Equal Weight with a price target of $160, up from $150, citing a combination of portfolio resiliency, capital efficiency and valuation. The firm, which refreshed all its auto supplier models, continues to prefer exposure to ICE and hybrid-exposed names or powertrain agnostic players as suppliers “muddle through an adjustment of programs and adapt capex plans as OEM EV strategies hit the brakes,” the analyst tells investors.