UBS upgrades its recommendation on Forvia to Buy (from Neutral) and maintains its price target at E20, which represents a potential upside of 50%.

' We have decided to upgrade our rating to Buy in view of (1) the company's forecasts for 2024, (2) its controlled financial leverage and (3) its pragmatic view of the industry's challenges', says UBS.

For 2024, Forvia expects an operating margin of between 5.6 and 6.4% for sales of between 27.5 and 28.5 billion euros.

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