Stoneridge initiated with an Overweight at Stephens

Stephens initiated coverage of Stoneridge with an Overweight rating and $21 price target. The analyst believes the investment thesis for Stoneridge centers around the ability of the company to improve its recent margin underperformance and the expected growth in the company’s “bellwether” products – MirrorEye and the Smart 2 Tachograph – in its Electronics business that are positioned to ramp up in the second half of 2024 and into 2025. The company’s execution story creates a favorable risk/reward setup, the analyst tells investors in a research note.