Aptiv upgraded to Buy from Neutral at UBS

UBS upgraded Aptiv (APTV) to Buy from Neutral with a price target of $97, up from $89. The firm sees “compelling upside” at current share levels from Aptiv unlocking value with the upcoming Versigent spin-off scheduled for April 1. The market is pricing in too many risks, the analyst tells investors in a research note. UBS’s sum-of-the-parts suggests that 7.8-times is a reasonable multiple for the remaining company, above the current 5.7-times enterprise value to EBITDA. If correct, investors are currently buying Aptiv and receiving Versigent for “free,” the firm contends.