Aptiv falls after Piper Sandler cuts rating citing risks from Volkswagen-Rivian JV
** Shares of auto parts supplier Aptiv Plc APTV.N down 5.3% at $69.48 premarket
** Piper Sandler downgrades stock to "underweight" from "neutral", cuts PT to $63 from $78
** Says German automaker Volkswagen VOWG_p.DE and U.S. EV maker Rivian's RIVN.O announcement to share EV architecture and software is a "red flag" for APTV's strategy
** Notes APTV's long-term operating margin target hinges on selling software-enabled concept called smart vehicle architecture (SVA) to automakers who lack know-how
** "Relying on a 3rd-party (like Aptiv) to deliver similar products will always be slower, and if APTV insists on earning 17% margin, it will also be more expensive" - Piper
** Adds, APTV isn't irrelevant but its design input is limited
** Of 25 analysts covering stock, 19 rate "buy" or higher, three "hold" and three "sell"; their median PT is $100.5 - LSEG
** Up to Tuesday's close, APTV down 18.2% YTD
Reporting by Roshan Abraham
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