Commercial Vehicle Group $CVGI stock has confirmed a Resurrection Cross on January 11, 2023. The stock is in a technical strong uptrend; however, $CVGI stock is in highly overbought territory so beware of profit taking.
Commercial Vehicle Group initiated with an Outperform at Noble Capital
Joe Gomes, an analyst at Noble Capital, began covering Commercial Vehicle Group on December 1, 2022, with an Outperform rating and a $10 price target. According to Gomes, the key end markets for Commercial Vehicle have attractive long-term prospects because there is a surplus of demand for class 8 trucks and this is likely to continue given the fleet’s aging condition. Commercial Vehicle, which is going through a business transformation, has acquired more than $2 billion in new business over the last two years, and there are more than $5 billion in new opportunities in the pipeline, according to the analyst. The analyst also notes that the new business is concentrated in higher margin products, which should eventually increase overall margins.