Goldman Sachs downgraded Gentex Corporation (GNTX) from Neutral to Sell. The firm lowered its price target from $23 to $20.
The downgrade reflects concerns about weaker demand for auto suppliers and rising costs for memory and electronic components, which could pressure Gentex’s profit margins.
Goldman Sachs also cited Gentex’s limited exposure to domestic original equipment manufacturers (OEMs) in China. The firm sees that low penetration as a potential headwind as Chinese automakers expand their market share.