Evercore ISI lowered the firm’s price target on Sensata to $50 from $60 and keeps an Outperform rating on the shares. The firm is updating its FY24 and FY25 model to reflect the sale of the Insights business to an affiliate of Balmoral Funds, which closed September 30. Though Sensata faces near-term headwinds from a challenged automotive environment, the firm thinks more consistent execution and added discipline should unlock multiple expansion over the next few years, the analyst tells investors.
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