BofA analyst Federico Merendi raised the firm’s price target on Phinia (PHIN) to $55 from $53 and keeps a Buy rating on the shares after having hosted a dinner with CEO Brady Ericson and CFO Chris Gropp shortly after the company reported Q1 earnings. The firm updated estimates to reflect Phinia’s latest commentary, including for lower production volume estimates and higher pricing, adding that the firm now uses a higher multiple to reflect market valuations of its peer group.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PHIN: