Aptiv initiated with a Hold at HSBC

HSBC initiated coverage of Aptiv with a Hold rating and $76 price target. The company has delivered organic growth in the top quartile of global suppliers since 2016 but disappointments from the second half of 2023 have highlighted its sensitivity to market dynamics, including a U.S. strike, electric vehicle production cuts and market shifts in China towards local car makers, the analyst tells investors in a research note. The firm is slightly below consensus estimates and more clearly below company guidance until 2026.