UPDATE: Susquehanna Financial Group Initiates Coverage On Lear On Modest Upside

In a report published Tuesday, Susquehanna Financial Group analyst Matthew Stover initiated coverage on Lear Corporation (NYSE: LEA) with a Neutral rating and $90.00 price target.

In the report, Susquehanna Financial Group noted, “Lear has done a terrific job since emerging from bankruptcy. Margins are higher and growth has improved. The balance sheet is in good shape, and the company has managed to buy back stock and thoughtfully add to the portfolio with tuck-in acquisitions. Job well done. In the past we had liked Lear's stock because it was a good company valued like a weak company. That is less true today. The valuation is relatively consistent with its growth and return profile. As such we initiate coverage with a Neutral rating. It should be noted that our numbers are a bit higher than consensus, but that is only because we have included the impact of the Ottawa Eagle acquisition.”

Lear Corporation closed on Monday at $82.79.