Lear Corporation (LEA) is Downgraded by RBC Capital Mkts to Sector Perform, Raises Price Target to $ 121

Lear Corporation (LEA) was Downgraded by RBC Capital Mkts to ” Sector Perform” according to the research note released today. The brokerage firm has raised the Price Target to $ 121 from a previous price target of $120 . Earlier the firm had a rating of “Outperform ” on the company shares. RBC Capital Mkts advised their investors in a research report released on Oct 14, 2016.

Many Wall Street Analysts have commented on Lear Corporation. Robert W. Baird Initiated Lear Corporation on Oct 11, 2016 to “Neutral”, Price Target of the shares are set at $133.Lear Corporation was Initiated by Seaport Global Securities to “Neutral” on Aug 9, 2016.

On the company’s financial health, Lear Corporation reported $3.66 EPS for the quarter, beating the analyst consensus estimate by $ 0.34 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $3.32. The company had revenue of $4724.80 million for the quarter, compared to analysts expectations of $4860.36 million. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.82 EPS.

Lear Corporation closed down -1.95 points or -1.62% at $118.4 with 5,88,595 shares getting traded on Tuesday. Post opening the session at $120.19, the shares hit an intraday low of $117.75 and an intraday high of $120.5 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Sep 30, 2016, Jonathan F Foster (director) sold 1,500 shares at $119.24 per share price. According to the SEC, on Jun 29, 2016, Conrad L Jr Mallett (director) sold 100 shares at $100.99 per share price. On Jun 7, 2016, Jay K. Kunkel (President, Asia Pacific Ops) sold 653 shares at $116.32 per share price, according to the Form-4 filing with the securities and exchange commission.

Lear Corporation is engaged in providing automotive seat systems and individual seat component parts. The Company has two segments: seating and electrical. The Company seating segment consists of the design development engineering assembly and delivery of complete seat systems. The Company is also involved in the design development engineering and manufacture of all seat components including seat structures and mechanisms seat covers and surface materials such as fabric and leather seat foam and headrests. The Company’s electrical segment consists of the design development engineering manufacture assembly and supply of electrical distribution systems and components for light vehicles. The Company has manufacturing engineering and administrative capabilities in about 34 countries with 219 locations. The Company also manufactures junction boxes and electronic control modules which are connected to the wire harness assemblies.

Lear Corporation

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