Autoliv price target lowered to $101 from $102 at Wells Fargo

Wells Fargo analyst Colin Langan lowered the firm’s price target on Autoliv (ALV) to $101 from $102 and keeps an Equal Weight rating on the shares. The firm notes Autoliv traded up about 6% after a slight miss due to a $14M settlement and a lower than feared guide cut. Guide implies a 320bp quarter-over-quarter margin increase driven by volumes, engineering, and FX/other. Wells still sees China local mix risk.