Garrett Motion: Macro Risks Are Exhausting The Rally

2026-03-16 10:33:40 ET

Thesis review

Last time I covered Garrett Motion ( GTX ), the stock was trading at $11 per share and as of this writing, the stock is at $17, a 52.90% return since the publication. A quick recap on Garrett, the firm has been a value trap for years, with no catalyst for a multiple expansion. In fact, there were fears that the firm would experience secular decline as the auto market welcomed the adoption of EVs. Last year we witnessed a thematic change when EV sales slowed in North America, driven by the hype deflation and worries that tax subsidies might be cut to reduce deficit spending. As a consequence, ICE sales experienced a bump in 2025. We know markets love growth; hence, Garrett and ( BWA ) massively rallied following the topline recovery....

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