BorgWarner price target raised to $50 from $46 at Wells Fargo

Wells Fargo raised the firm’s price target on BorgWarner to $50 from $46 and keeps an Overweight rating on the shares. The firm increased price targets in the autos and auto parts group after analyzing free cash flow sand capital deployments. Most suppliers are near their max leverage thresholds and will accumulate cash to de-lever, the analyst tells investors in a research note. Wells calls BorgWarner (BWA), TE Connectivity (TEL) and Visteon (VC) the “highest quality names” in group given their secular growth and operating efficiency.