Jefferies Raises Price Target On Tenneco (TEN)

Jefferies raised its price target on Tenneco (NYSE: TEN) from $43 to $44 following Q4 results and reiterated its Buy rating.

The firm comments, "TEN shares rallied 5.0% on Thursday despite missing consensus by 5.4%. The downwardly revised backlog was better than feared, while improved North American margins along with a ramp-up in CV emissions control programs were key positives. We believe that our multi-year emission thesis remains intact. Reiterate Buy."

The firm cut Q1 EPS estimates from $0.78 to $0.72 and FY12 EPS from $3.55 to $3.42.

For an analyst ratings summary and ratings history on Tenneco click here. For more ratings news on Tenneco click here.

Shares of Tenneco closed at $34.23 yesterday, with a 52 week range of $22.47-$46.80.

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