Visteon upgraded to Buy from Neutral at Citi

Citi analyst Itay Michaeli upgraded Visteon to Buy from Neutral with a $149 price target. The analyst believes the recent weakness in the shares “presents a more compelling entry point.” Visteon shares have pulled back 17% since the end of August mostly on eclectic vehicle demand concerns, the analyst tells investors in a research note. However, the firm believe EV sentiment has “swung too negatively” and it sees promise for sentiment to improve throughout 2024. Citi says consensus estimates already bake-in slower EV growth for Visteon.