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Visteon Target Lowered to $0
Michigan-based Visteon Corporation (VC) is one of the world's largest automotive component manufacturers, catering to both original equipment manufacturers (OEMs) and the aftermarket. The company has 41,500 employees with 170 facilities in 26 countries across North America, South America, Europe, South Africa, and Asia-Pacific.
Visteon's near-term prospects have been dampened by constant production cuts at Ford (F - Analyst Report), higher costs, decline in global vehicle production, and an unforeseen industry scenario.
An apparent rise in non-Ford revenue is not enough to drive the stock. The current cost structure, combined with spiraling raw material costs, is likely to challenge the company's operating performance in the upcoming quarters.
Commodity pricing pressures would continue to challenge many suppliers like Visteon. The highly leveraged balance sheet still needs to be tackled. Considering these factors, we rate the shares a Sell and set a target price of $0.00.
Read the full analyst report on VC
Read the full analyst report on F
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| Market Summary | Feb 10, 2010 01:47 am ET |
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