Aptiv price target lowered to $80 from $95 at BofA

BofA analyst John Murphy lowered the firm’s price target on Aptiv (APTV) to $80 from $95 and keeps a Buy rating on the shares. Q1 appears to have shaped up better than previously expected in terms of production volumes and sales, which should partially translate into better-than-expected Q1 results, the analyst tells investors in a preview for the auto group. However, the level of uncertainty related to tariffs is “extremely elevated” and the conversation around tariffs and the potential impact is “far from being settled,” adds the analyst, who cut valuation multiples “as much as 1.0x across our coverage” on the belief that the current uncertainty will likely force companies to pull or suspend guidance.