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Prudential Cuts Lear

Prudential cuts Lear Corp. (LEA) to neutral.

Analyst Michael Bruynesteyn says he is downgrading from overweight after first-quarter warning has implications for future quarters. He notes a production of key models is taking a huge hit in the first quarter, with some recovery in later quarters.

He notes raw material cost relief is unlikely. He expects that higher resin costs added strain.

Bruynesteyn cuts $5.62 2005 earnings per share estimate to $3.92 and $6.59 2006 earnings per share to $5.10 on mix and margin pressures. He also cuts his $56 target to $47 based on a new 2006 outlook.

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