Lear downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Lear (LEA) to Equal Weight from Overweight with a price target of $120, down from $140. While Lear still has a leading position in seating, the company’s efforts are not enough to overcome a difficult macro situation for auto parts suppliers, the analyst tells investors in a research note. The firm says the weaker than expected light vehicle production environment alongside customer mix headwinds has driven negative earnings pressure for the company more than offsetting any benefits from performance. As a result, Lear has experienced negative earnings revisions over the past year, contends Barclays.