Meritor Gains on Debut

Meritor Automotive Inc. shares rose Wednesday during their debut on the New York Stock Exchange a day after Rockwell International Corp. completed its spinoff of the auto-parts business.

Meritor shares rose 63 cents to $23.88 as 1.1 million shares were traded. During the day, the stock, which has the symbol MRA, reached $25.25. Shares of Costa Mesa-based Rockwell rose 19 cents to $55.38.

Analyst Quinten Nufer of Warburg Dillon Read initiated coverage of Meritor’s stock with a “buy” rating, predicting the shares will reach $32 within 18 months. Larry Yost, who managed the business when it was part of Rockwell, is chairman and chief executive of Troy, Mich.-based Meritor.