Autoliv, Inc. (NYSE:ALV) reported better-than-expected third-quarter sales results on Friday.
The company reported third-quarter adjusted earnings per share of $1.84, missing the analyst consensus of $1.95. Quarterly revenues of $2.56 billion topped the street view of $2.53 billion.
"Light vehicle production was weak in the third quarter, declining by close to 5% globally. This was driven by a combination of inventory reductions, especially in the Americas and a high comparison base, especially in China," said Mikael Bratt, President & CEO.
Autoliv now expects full-year 2024 organic sales growth to be 1%, down from the previously anticipated 2%, due to unfavorable market mix developments.
Autoliv shares fell 1.2% to trade at $98.36 on Monday.
These analysts made changes to their price targets on Autoliv following earnings announcement.
- Baird analyst Luke Junk maintained Autoliv with a Neutral and raised the price target from $103 to $108.
- Wells Fargo analyst Colin Langan maintained Autoliv with an Equal-Weight and cut the price target from $102 to $101.
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