BUZZ-Adient falls after Wells Fargo cuts rating on EU market weakness

Reuters
2024/12/17
BUZZ-Adient falls after Wells Fargo cuts rating on EU market weakness

** Car seat maker Adient's shares ADNT.N fall 3.3% to $18.34

** Wells Fargo downgrades rating to "equal weight" from "overweight", cuts PT to $20 from $27

** Says co's near-term growth looks challenged with a weak Europe, "the region where ADNT is most pressured"

** "However, we are optimistic on margin recoveries into the future as Americas margins improve and EU margins recover" - brokerage

** One brokerage rates the stock "buy", eight "hold" and two "sell"; their median PT is $24

** Up to Friday's close, stock had fallen 49.5% YTD

(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))

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