Aptiv downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research analyst Emmanuel Rosner downgraded Aptiv (APTV) to Peer Perform from Outperform. The firm notes Aptiv shares are up 19% so far this year, with the stock staging a full V-shaped recovery since Liberation Day. At just over 9-times forward price-to-earnings, valuation is now in line with the recent historical average. Consensus estimates for 2025 appear to already capture an improvement in the second half of the year outgrowth, Wolfe adds. On the plus side, Aptiv appears to be tracking towards the high-end of their Q2 guide. And for FY25, the firm estimates EBIT of $2.37B, slightly above consensus of $2.33B. Upside beyond that would require a meaningful acceleration in New Business launches, it argues, adding that near-term, the firm sees limited upside at these levels.