Aptiv assumed with a Buy at TD Cowen

TD Cowen assumed coverage of Aptiv (APTV) with a Buy rating and $90 price target The firm called Aptiv a “well-liked” stock for many years thanks to leading secular growth positions, noting that Aptiv is the firm’s Top Supplier Pick. Prior to COVID, Aptiv shares were valued in part against multi-industrial comps, with the stock trading at a roughly 20% discount to those names, but that discount has since ballooned closer to about 60%, placing Aptiv back in-line with historical auto supplier multiple ranges, the analyst tells investors in a research note.