This Analyst is Bullish on 4 Auto Stocks for the Rest of 2022

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In this article, we’ll discuss the 4 auto stocks analyst Itay Michaeli at Citi has a bullish stance on. If you want to read our discussion on the automotive industry outlook, go directly to This Analyst is Bullish on 8 Auto Stocks for the Rest of 2022.

4. Visteon Corporation (NASDAQ:VC)

Number of Hedge Fund Holders: 25

Visteon Corporation (NASDAQ:VC) is a Michigan-based automotive electronics supplier that was spun off from Ford Motor Company (NYSE:F) more than two decades ago.

On August 2, Michaeli increased the price target on Visteon Corporation (NASDAQ:VC) from $115 to $128 and maintained a Neutral rating on the stock. The analyst noted that the company reported “solid” Q2 2022 results, which reflected stellar margins, strong launch execution, and costs under control. Michaeli raised the full-year EPS estimates for Visteon Corporation (NASDAQ:VC) from $4.07 to $4.90.

Visteon Corporation (NASDAQ:VC) outperformed the revenue and EPS forecasts for the quarter. Revenue increased by 39% YoY to $848 million and outperformed the consensus forecast of $719.49 million. Meanwhile, the adjusted EPS of $1.34 was 48 cents higher than the consensus estimate. Visteon Corporation (NASDAQ:VC) also provided strong guidance as it sees 2022 revenue to be in the range of $3.15 billion to $3.35 billion. The midpoint of $3.25 billion is $30 million higher than the analysts’ forecast of $3.22 billion.

Overall, 25 hedge funds held a stake in Visteon Corporation (NASDAQ:VC) at the end of Q1 2022, up from 24 in the preceding quarter.

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