J.P. Morgan Expects Neutral Reaction On LEA Guidance

Lear Corporation LEA provided formal 2011 guidance and updated backlog figures ahead of the Detroit Auto Show, J.P. Morgan reports. “Specifically, LEA sees 2011 revenues rising to a range of $12.6-$13.0B (below consensus' $13.2B and in-line with JPMe $13.0B) and 2011 core operating earnings in the range of $700- 740MM (in-line with midpoint of consensus and ahead of JPMe $659MM),” J.P. Morgan writes. “Overall, we expect a neutral reaction at first glance to this guidance although management's commentary on balance sheet usage at the Show may prove equally important for stock near-term.” Lear Corporation closed Monday at $107.89.