BorgWarner price target lowered to $38 from $40 at Baird

Baird lowered the firm’s price target on BorgWarner to $38 from $40 and keeps a Neutral rating on the shares. The firm continues to recommend a cautious sector vehicle technology and mobility stance entering Q2 earnings, saying even earnings-driven upside surprises “were short-lived” last quarter. The analyst sees the Q2 results setting up to be in line to slightly below expectations in aggregate, with the bigger question the second half-weighted nature of many auto supplier estimates versus increased back-half production risks.