Deutsche Bank upgrades Adient on ‘compelling turnaround story’

Deutsche Bank upgraded Adient (ADNT) to Buy from Hold with a price target of $33, up from $26. The company reported “strong’ Q1 results with a better outlook, the analyst tells investors in a research note. The firm now sees a “compelling turnaround story” at Adient. The company is getting past the “severe headwinds” of the past several years as its China business is inflecting driven by new launches, the analyst tells investors in a research note. In addition, Adient is benefitting from automakers onshoring production in the U.S., adds Deutsche Bank.