UPDATE: Goldman Sachs Downgrades BorgWarner (BWA) to Neutral
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(Updated - October 6, 2016 8:50 AM EDT)
Goldman Sachs downgraded BorgWarner (NYSE: BWA) from Buy to Neutral with a price target of $35.00 (from $37.00).
"Our original thesis was built upon (1) negative investor sentiment/positioning (which had lowered earnings expectations to such a level that the company could outperform), (2) expected relative top line and bottom line growth above peers, and (3) a valuation that was at historical trough multiples. However, as we move further into the later stages of the US auto cycle – and as the company’s share price is now in line with our price target, we move to the sidelines given lower potential for relative outperformance," said analyst David Tamberrino.
Shares of BorgWarner closed at $36.30 yesterday.
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