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Since I first wrote about Garrett Motion (GTX) in the end of May, the stock price soared from $4.6 to approximately $7. Garrett’s valuation almost reached $8 at some point during the week and it seems the market is valuing the company as if little could go wrong. Considering Garrett’s fragile financial position, its much higher valuation, and the still uncertain environment in the automobile industry, I’m taking a more conservative approach about the company and downgrading my recommendation from “Buy” to “Neutral."
The company maintains its leadership in the sector