Thursday, December 01, 2022
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Patrick McCann, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiation. We are initiating research coverage of Commercial Vehicle Group, Inc. (CVG) with an outperform rating and a $10.00 price target. CVG is in the midst of a business transformation to drive top line revenue and overall margin improvements, with a goal of doubling revenue and increasing adjusted operating margin by 300 basis points by the 2025-2027 time frame.
Attractive End Markets. Long-term prospects for CVG’s key end markets are attractive. Demand for class 8 trucks exceeds supply and, with an aging fleet, is likely to continue. The ongoing switch to electric vehicles is opening a massive opportunity for CVG. And while the warehouse automation vertical is currently challenging, longer term we expect to see significant growth.
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