Lear T1XX program reports ‘negative’ for Magna, says UBS

According to reports, Lear (LEA) has secured GM‘s (GM) T1XX program at Orion, with production starting in 2027, a result largely anticipated but not previously included in backlog, UBS tells investors in a research note. The win is neutral to slightly positive for Lear but negative for Magna (MGA), which previously operated the facility, the firm says. UBS has a Neutral rating and $135 price target on Lear shares.