Aptiv price target lowered to $104 from $113 at JPMorgan

JPMorgan lowered the firm’s price target on Aptiv to $104 from $113 and keeps an Overweight rating on the shares. The firm previewed the Q2 auto parts supplier earnings by negatively revising estimates to below consensus to reflect lower than expected global light vehicle production in comparison to expectations at the start of the quarter. After cutting Q2 EBITDA estimates 5% and earnings by 9%, JPMorgan is positioned 3% below the Street on EBITDA and 4% on earnings.