July 6, 2018 / 2:26 PM / 2 months ago

BUZZ-Visteon: Cranks up on S&P MidCap 400 index membership

** Shares of Visteon Corp rise 2.6 pct to $131.97, top gainer among auto and auto part stocks

** The auto electronics supplier is to replace WGL Holdings in the S&P MidCap 400 index before market opens on July 11

** Utility WGL is being acquired by AltaGas

** VC’s gain in contrast with Dow Jones US automobiles and parts index, which is down 0.63 pct

** VC extends YTD gains to 5.4 pct and is among the 5 gainers on the 19-member DJSAP, which is lower by 6.3 pct YTD

** VC trades at 17.1x NTM earnings, higher than its peers, whose fwd PEs range between 6.7x and 16.4x

** On Wall St: 8 brokers rate VC “buy” or “strong buy”, 7 “hold” and 1 “sell”; median PT $145 - TR data (Reporting by Savio D’Souza)

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