Adient price target raised to $24 from $18 at Wells Fargo

Wells Fargo raised the firm’s price target on Adient (ADNT) to $24 from $18 and keeps an Equal Weight rating on the shares. The firm notes the shares traded up 2% after Q3 EBITDA beat and increased guidance bolstered by performance. But the main treat was the incremental $150M-$200M business coming from onshoring OEMs and Adient being advantaged with their 75% NA production footprint, Wells says.