Jefferies Raises PT On GNTX To $31

Jefferies has raised its price target on Gentex Corp. GNTX from $30 to $31 and maintains its Hold rating, based upon inline 1Q results. According to Jefferies, “GNTX reported an inline 1Q, but guided better than feared. Mgmt expects a relatively muted impact from supply chain shortages out of Japan, which led to a better-than-expected outlook (and a 6.1% relief rally for the stock). While we think GNTX offers among the most compelling secular growth stories in our coverage, with the stock trading at 12.7x forward EV/EBITDA, we reiterate our Hold rating on valuation.” GNTX closed last Thursday at $30.41.