Adient Looks Cheap to Us, but Risks Around Timing of Restructuring and New CEO's Plan Remain
Adient's stock is down 63% from its 52-week high of over $86 per share, and shares recently moved into 5-star territory. We feel the stock is cheap, but we also stress that there is risk from how long the turnaround story in metals lasts. Furthermore, with U.S. auto sales having peaked for this cycle in 2016, in our view, we see significant weakness in stock prices across the board for our U.S. auto coverage. These challenges mean Adient, although attractively priced in our opinion, may stay che...
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