Friday December 21, 06:16 PM
Lear "neutral," target price reduced
NEW YORK, December 21 (newratings.com) - Analysts at UBS (Virt-X: UBSN.VX - news) maintain their "neutral" rating on Lear Corp (ticker: LEA),
while revising their estimates for the company. The target price has been reduced from $36 to $31.
In a research note published this morning, the analysts mention that the company has raised its FY07 operating earnings guidance to reflect stronger-than-expected production schedules in North America and restructuring benefits. The analysts add, however, that Lear's FY08 results are likely to be negatively impacted by the production cuts announced by automobile majors Ford Motor and General Motors (NYSE: GM - news) . The EPS estimate for FY07 has been raised from $3.90 to $4.65. The EPS estimate for FY08 has been reduced from $3.80 to $3.40.
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