Lear price target lowered to $134 from $135 at RBC Capital

RBC Capital lowered the firm’s price target on Lear (LEA) to $134 from $135 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q1 for Global Auto names. U.S. OEMs and suppliers have recently pulled back amid macroeconomic concerns tied to geopolitical tensions in the Middle East, though while elevated fuel prices may support EV adoption in Europe, the firm sees limited mix shift in the U.S., where government incentives have been the primary demand driver for EV sales, the analyst tells investors in a research note. RBC notes however that the USMCA trade agreement – United States-Mexico-Canada Agreement – resolution could be delayed as a result of the Iran conflict.