Analyst Patrick Nolan from Deutsche Bank initiated coverage on Harman International Industries Inc./DE/ (NYSE:HAR) with a Buy rating and a price target of $94, marking a 20.5% increase from current levels.
The analyst feels that the stock price doesn’t do a good job of pricing in the company’s potential growth. He anticipates that cockpit electronics, especially infotainment, is one of the fastest growing areas in the Automotive Industry. Harman, being a leader in infotainment, will be able to take advantage the analysts expectation of 80% of vehicle will have infotainment by next decade.
According to TipRanks, Nolan has a success rate of 86% with an average return of 30.8 per recommendation.