Aptiv price target lowered to $81 from $93 at Wells Fargo

Wells Fargo lowered the firm’s price target on Aptiv (APTV) to $81 from $93 and keeps an Overweight rating on the shares. The firm notes the company completed its spin of Electrical Distribution Systems, now a separate entity called Versigent (VGNT). New Aptiv is now made up of the highest Growth-over-Market products, where Wells sees mid-single-digit percentage Growth-over-Market over the next 5 years. This should support significant value unlock in reference to the firm’s updated sum-of-the-parts valuations.