Aptiv upgraded to Outperform from Neutral at Baird

Baird upgraded Aptiv (APTV) to Outperform from Neutral with a price target of $82, up from $75. The firm’s new sum-of-the-parts analysis revealed 15%-plus of new estimated value unlocked by the Electrical Distribution Systems spin. The spin also “unlocks several facets of fundamental value,” as the new Aptiv should be higher growth and more diversified, the analyst tells investors in a research note. Baird says that with investors already preliminarily seeking second half of 2025 auto plays, Aptiv should screen well, featuring both cyclical and fundamental catalysts, with the spin “newly providing cover to be early.”