09:20 AM EDT, 04/25/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month target by $10 to $140 on a '25 P/E of 14.0x, a steep but justified discount to VC's 10-year mean forward P/E of 36.3x. We lower our adjusted EPS estimates to $8.25 from $8.60 for '24 and to $10.00 from $10.35 for '25. VC posted Q1 adjusted EPS of $1.61 vs. $1.25 (+29%), short of the $1.68 consensus. The miss was driven by weaker-than-expected sales, as revenue fell 3.5% to $933M ($40M below consensus) and adjusted EBITDA margin expanded 70 bps to 10.9% (10 bps ahead of consensus). VC maintained its full-year sales and adjusted EBITDA guidance of $4.0B-$4.2B and $470M-$500M, respectively, which compares to the current consensus of $4.1B and $482M, respectively. With $7.2B in new business wins in 2023 (up from $6B in 2022) and one of the strongest growth outlooks of any auto supplier, VC remains one of our top picks. After an 11% YTD decline, VC is trading at a steep discount to its historic average P/E and a modest rebound in its multiple implies significant upside from current levels.