Berenberg Starts BorgWarner (BWA) at Sell
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Berenberg initiates coverage on BorgWarner (NYSE: BWA) with a Sell rating and a price target of $28.00.
Analyst Fei Teng commented, "BorgWarner’s dependence on emissions reduction technologies to drive growth skews risks to the downside. In the medium term, automakers are likely to gain increasing comfort with emissions targets in Europe due to a history of over-estimating the technology cost curve. BorgWarner’s 100% exposure to powertrain means it is the single supplier most heavily at risk from deferred content launches if this risk materialises. We see organic growth slowing below the guided range of 4-6% for 2016-18 and margins coming under increasing pressure from volume and pricing risks."
Shares of BorgWarner closed at $36.16 yesterday.
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