Adient reinstated with an Underperform at BofA

BofA reinstated coverage of Adient (ADNT) with an Underperform rating and $22 price target In the current environment where automakers are prioritizing cost reduction, the firm believes Adient’s exposure to a less profitable European region and idiosyncratic profitability headwinds will pressure its growth over-market and margins compared to peers, the analyst tells investors.