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Faurecia: JPMorgan cuts target price, but still a buyer

( - On Monday JPMorgan slashed its target price for Faurecia shares from 60 euros to 40 euros, while maintaining an "overweight" rating on the stock.

The analyst says that Faurecia remains one of the main automotive suppliers that has the best exposure to the prospect of a recovery in global automotive production.

As such JPMorgan says that its share price could double by the end of 2023.
The stock should benefit from the group's strong operating leverage and increased free cash flow, primarily from H2 2022, as production picks up due to improved semiconductor availability, the broker says.

JPMorgan explains that it has cut its target price mainly due to the consideration of a higher net debt to EBITDA ratio than previously.

The share is currently down about 2.5% at about 21.5 euros.

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