Barrington lowered the firm’s price target on Commercial Vehicle Group to $10 from $13 and keeps an Outperform rating on the shares. While the firm says the company reported a “solid” Q3, the firm is taking a more cautious outlook in terms of its adjusted EBITDA expectations based on an estimate for Class 8 truck production to decline 18% in 2024. However, the firm believes the stock already reflects a potential down year in adjusted EBITDA in 2024 based on its decline since earlier this year, the analyst noted.
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