Sensata insider buy could reflect incremental confidence, says Evercore ISI

After Sensata filed a Form 4 disclosing that director John Mirshekari acquired 268,000 shares of the company’s stock last week, or $10M-$11M worth of shares at an average cost of $39-$40 per share, Evercore ISI analyst Amit Daryanani said the firm thinks these transactions could reflect incremental confidence in the stock among insiders following the recent addition of an Elliott representative to their board. The firm, which notes it upgraded shares to Outperform earlier this week to reflect the potential for a rerating to the stock’s valuation multiple, has an Outperform rating and $60 price target on Sensata.