Autoliv Hold Rating, EBIT Cut

Jefferies downgraded Autoliv to “hold” and cut its 2026 EBIT estimate by 8% to $1.1 billion.
First‑quarter sales forecast $2.6 billion with EBIT $212 million (8.1% margin), near consensus; buybacks paused, $250 million repurchased in H2 2025.
Jefferies cited weaker mix, higher fuel prices, supply‑chain volatility, $100 million USMCA tariff exposure, and $30 million raw‑material cost headwinds.
Price target reduced 20% to $120, reflecting 5% lower 2027 earnings and valuation multiple drop from 12x to ~10x.