Visteon Corporation Visible Revenue Inflection Nearing; Move to OW from N, $165 Dec 2027 PT

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Visteon Corporation Visible Revenue Inflection Nearing; Move to OW from N, $165 Dec 2027 PT

J P M O R G A N North America Equity Research

22 June 2026

Visteon Corporation ▲Overweight

Previous: Neutral

Visible Revenue Inflection Nearing; Move to OW from VC, VC US

Price (18 Jun 26):$113.81

N, $165 Dec 2027 PT ▲Price Target (Dec-27):$165.00

Prior (Dec-26):$108.00

Move to OW from N on VC shares and establish a Dec 2027 PT of $165. While Autos & Auto Parts

ACselect auto suppliers have re-rated on optimism around exposure to non-auto Rajat Gupta

verticals, particularly AI/DC related, we believe VC is uniquely positioned to drive (1-212) 622-6382

significant outgrowth within automotive and related verticals with less execution rajat.gupta@jpmorgan.com

risk. A slate of new wins in recent years should aid visible HSD GoM over the next Yash Beswala

3-5 years, with the kicker from potential traction in the next-gen SmartCore HPC (1-212) 622-0028

platform and other adjacent industrial initiatives. We see this resulting in a path to yash.beswala@jpmchase.com

~$5 bn+ in revenue and ~$700 mn+ in EBITDA by 2029 or ~10/~15% revenue/ Jash Patwa

EBITDA CAGR from 2026 levels. Key notable enablers include upcoming Toyota (1-212) 622-5472

jash.patwa@jpmchase.com

launches, Honda 2-wheelers, TRATON, China AI-HPC wins (and more) and India J.P. Morgan Securities LLC

penetration. Importantly, we see higher visibility and limited execution risk when

compared to new products/new end-markets at peers, and the diverse nature of

wins/exposure also provides a hedge to growing structural risks for EU OEMs in Key Changes (FYE Dec)

China (recent BMW pre-announcement reinforced this) and in export markets. Prev Cur Δ

Beyond medium-term targets, at the upcoming investor day on 6/25, we look for Adj.