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J.P. Morgan Upgrades Delphi to Overweight

J.P. Morgan upgraded Delphi (DPH) to overweight from neutral on low bankruptcy risk.

Analyst Himanshu Patel says that he thinks Delphi offers significant upside potential with a likely GM/UAW bailout and start of broader capacity reductions. He says a Delphi bankruptcy risk is at 25%, a compelling risk-reward for contrarian investors.

Patel believes a GM/UAW deal could potentially boost the auto parts maker's earnings per share by as little as $1.00, up to $2.60, as longer-term flexible labor rules could lead to capacity cuts and better utilization rates. He says Delphi could achieve sector-average EBITDA margin of around 8% implying roughly $1.00 of EPS before any future de-leveraging benefits.

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