Versigent initiated with a Buy at TD Cowen

TD Cowen initiated coverage of Versigent (VGNT) with a Buy rating and $47 price target. The recent spin from Aptiv (APTV) has left the shares undervalued relative to the quality of the business, argues the analyst, who acknowledges some “legitimate debates” around guidance risk and software-defined vehicles, but doesn’t view them as “lasting overhangs.”