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SMALL BUSINESS
Autoliv peaks after analyst hikes price target
AP
NEW YORK -Autoliv Inc. shares rose to a new year high Monday after an analyst raised his price target and estimates for the Sweden-based maker of automotive air bags and seat belts, which he expects to benefit from rising U.S. vehicle production.
Morgan Stanley analyst Adam Jonas boosted his share price target to $46 from $28 and raised his estimate of 2009 per-share results to a profit of 36 cents from a loss of 10 cents.
He also raised his 2010 earnings-per-share estimate to $2.65 from 95 cents.
"We have made a substantial mark-to-market of our earnings forecasts to reflect our global auto team's view of positive North American production surprises supported by our expectation of a 2010 U.S. (annual sales) of 12.9 million units," he wrote in a client note.
Jonas also said he expects North American production to climb 35 percent over this year's expected production level.
In afternoon trading, the stock rose $1.51, or 4.2 percent, to $37.59. The stock earlier peaked at $37.71, eclipsing a previous 52-week high of $37.20 set in August.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-19 12:36:43
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