Phinia initiated with a Buy at BofA, sees 30% potential upside

As previously reported, BofA analyst Federico Merendi initiated coverage of Phinia (PHIN) with a Buy rating and $53 price target The firm, which notes that its price target represents 30% potential upside, thinks investors should warm up to the supplier of fuel systems and aftermarket products’ exposure to internal combustion engines as battery EV demand cools. Aftermarket exposure partially shields the business from market volatility, which should translate into a premium valuation versus the more cyclical auto supplier group, the analyst argues.