Forvia double downgraded to Sell from Buy at Citi

Citi double downgraded Forvia (FURCF) to Sell from Buy with a price target of EUR 7.50, down from EUR 12.80. Forviva screens as one of the cheapest supplier names in Europe, the analyst says, adding that the firm thinks this discount principally reflects equity investor concerns around the Forvia balance sheet and cash conversion. Sentiment in Forvia is low already given uncertain trends in 1H15 and persistently high interest rates, and while management look sto be doing the right things, visibility on disposal candidates, proceeds, and timing remains low, the analyst tells investors in a research note.