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Lear Corp. (LEA) PT Cut To $58 By Deutsche Bank After Q1, 'Buy' Maintained On Valuation

 May 04, 2012 03:39 PM

(By Balaseshan) Deutsche Bank (DB) lowered its price target on shares of Lear Corp. (NYSE:LEA) to $58 from $71, while maintaining its "Buy" rating based on valuation.

Lear reported first quarter earnings of $1.38 per share versus DB's estimate of $1.04 per share and Bloomberg Consensus of $1.20 per share. Revenue was on target with DB's $3.6 billion estimate.

Most of the upside versus the brokerage's estimate ($0.23) was derived from a higher than expected EBIT margin (5.4% versus its 4.6% estimate). EPS also benefited from below the line items ($0.08 was from a lower tax rate; $0.01 was from a lower share count).

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Looking ahead into the fiscal 2012, Lear continues to expect adjusted earnings of $490 million to $520 million and revenue of $13.85 billion to $14.35 billion. The company still anticipates 2012 core operating earnings of $740 million to $790 million.

Lear is a tier 1 supplier to the global automotive industry. The company supplies its products to automotive manufacturers with automotive seat systems and related components, as well as electrical distribution systems and related components. It has two segments: seating and electrical power management systems.

LEA is trading down 1.61% at $40.99 on Friday.

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