Citi upgrades Adient to Buy, opens ’90-day upside catalyst watch’

As previously reported, Citi analyst Michael Ward upgraded Adient (ADNT) to Buy from Neutral with a price target of $33, up from $30. Since the conflict started in the Middle East, auto suppliers have underperformed the S&P by an average of 10%, notes the analyst, who sees this dislocation creating an opportunity. Adient has been among the hardest hit in the group, losing 15% relative to the S&P 500 since the beginning of March, highlights the analyst, who believes fiscal Q2 earnings will end above the current FactSet estimate and opened a “90-day upside catalyst watch” on the shares.