Jefferies Starts Tenneco (TEN) at Hold
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Jefferies initiates coverage on Tenneco (NYSE: TEN) with a Hold rating and a price target of $62.00.
Analyst David Kelley commented, "TEN's leading Clean Air division should benefit from continued rollout of global emissions regulations of criteria pollutants while aftermarket Ride Performance likely remains an outperformer due to favorable industry fundamentals. However, we believe overweight NA light truck exposure could lead to decelerating growth as the US market appears at peak levels and light truck comps are increasingly high. We initiate with a Hold rating."
Shares of Tenneco closed at $58.84 yesterday.
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