Himanshu Patel
Himanshu Patel
both expecting exposure fairly french home limited partly robust safer thanks
We're expecting both of them to do well. The French carmakers are safer than the Germans, partly because they have limited U.S. exposure and partly thanks to a fairly robust home market.
controls given remains strength
The long-term outlook, particularly given end-market strength in the controls business, remains robust.
accounting change concerns internal issues none raise thesis
While none of these issues are enough to change our thesis on GM, they do raise our concerns on the company's internal accounting controls.
admittedly ahead given performance potential recent reluctant weak
While fundamentals are admittedly weak, given the stock's weak recent performance, we are reluctant to get incrementally bearish, particularly ahead of a potential restructuring announcement.
correction maintain overweight recent safety vehicle
We maintain our overweight (rating), as we think a recent correction in this well-diversified vehicle safety supplier has been unjustified.
consensus downside risk upside
We still see more downside than upside risk to 2007 consensus earnings.