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Why This Aptiv Analyst Turns Bearish After The Deal Between Rivian, Volkswagen

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Aptiv PLC (NYSE:APTV) was recently upgraded to Strong Buy in the Zacks rating system.

While the announcement of a joint venture between Rivian Automotive Inc (NASDAQ:RIVN) and Volkswagen (OTC:VWAGY) may seem unrelated to Aptiv, it represents “a red flag,” according to Piper Sandler.

The Aptiv Analyst: Alexander Potter downgraded the rating for Aptiv from Neutral to Underweight, while reducing the price target from $78 to $63.

The Aptiv Thesis: The joint venture between Rivian Automotive and Volkswagen focuses on “developing in-house electrical architecture, onboard ECUs, and vehicle software,” Potter said …

Full story available on Benzinga.com

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