Blog: Dave LeggettProfitless prosperity's beneficiaries

Dave Leggett | 8 December 2003

As the Detroit Big Three heap on the incentives to keep volume up, it seems that the investment community is identifying their big suppliers as good bets into 2004. A recent note to that effect was issued by Goldman Sachs (below link). And I've just received a note (extract below) from Robert W Baird and Co that says something similar. Also, I see Delphi's making very positive noises about 2004 today. Detroit's underlying health may not exactly warrant cracking open the champagne, but if anyone needs an excuse... 

"Maintain Market Overweight recommendation. As investors gain confidence in the outlook for 2004, we believe valuations are likely to move higher. Early indications for 2004 sales are in the 16.7-17.0 million-unit range, up year-over-year. Economic improvement continues with nine of fifteen releases in the last week in line with or above expectations. Continue to recommend purchase of our Top Supplier Ideas - Superior, Dana, American Axle, BorgWarner, Magna and Gentex."


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