Analyst Hamed Khorsand of BWS Financial maintained a Buy rating on Garrett Motion, retaining the price target of $18.00.
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Hamed Khorsand has given his Buy rating due to a combination of factors that suggest positive growth prospects for Garrett Motion (GTX). The company reported a notable increase in the volume of diesel and gasoline turbochargers during the third quarter, which resulted in revenues surpassing the analyst’s forecasts. This growth occurred despite the typical summer slowdown, indicating strong demand for lightweight vehicles.
Furthermore, Garrett Motion’s third-quarter revenue of $902 million exceeded the estimated $868 million, reinforcing the potential for the stock to reach a target price of $18 within the year. The company’s ability to outperform expectations, coupled with a stable business environment and plans for growth in zero emissions technology, supports the Buy rating given by Khorsand.
According to TipRanks, Khorsand is a 5-star analyst with an average return of 13.8% and a 56.56% success rate. Khorsand covers the Technology sector, focusing on stocks such as Innodata, Adeia, and Ubiquiti Networks.
In another report released today, Stifel Nicolaus also maintained a Buy rating on the stock with a $20.00 price target.