Wells upgrades Aptiv to Overweight on ‘much improved valuation’

Wells Fargo upgraded Aptiv to Overweight from Equal Weight with a price target of $87, up from $78. “With expectations reset, we think it’s time to step in,” the analyst tells investors in a research note. The firm cites the company’s above-average gross margin expansion and “much improved valuation” for the upgrade. After slowing growth, Aptiv lost most of its growth premium to peers, but it will still see “well-above-average growth despite recent moderation,” contends Wells.