Baird analyst Luke Junk downgraded Aptiv (APTV) to Neutral from Outperform with a price target of $96, down from $105. The analyst elevated Gentex (GNTX) to the firm’s top idea for 2024 in the vehicle technology and mobility sector while downgrading both Aptiv and BorgWarner (BWA) to Neutral. For Aptiv, the firm believes the burden of high expectations is set to weigh on shares, both with respect to outgrowth targets and the company’s margin progression. Aptiv’s 2024 guidance “could also lean conservative,” and investor sentiment has soured around Motional, says Baird.
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