Commercial Vehicle Group, Inc. (CVGI) – Updating Third Quarter Estimates


Monday, October 02, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Management Call. We recently had an opportunity to chat with Commercial Vehicle Group management. While major trends continue, there has been some reduced overall industry expectations in truck builds. While management did not comment on any impact on Commercial Vehicle, to be on the conservative side we are modestly lowering our expectations for the quarter. This does not change our longer term outlook for the Company.

Heavy Duty Trucks. Between mid-August and mid-September, industry specialist ACT Research slightly lowered their forecast for Class 8 trucks for the quarter, lowering the forecast by nearly 5,000 to 84,779 units. We would note, however, the full year 2023 and 2024 forecasts remain very positive.


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