Goldman Sachs Removes Tenneco (TEN) from Conviction Buy List; Sees Estimate Cuts

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Goldman Sachs removed Tenneco (NYSE: TEN) from its Conviction Buy List and cut its price target from $48 to $42.

The firm comments, "The primary reason for the downgrade is our expectation for further downward estimate revisions in 1H13 driven by destocking in the global off-highway market. Of particular concern are near-term production plans for CAT where our machinery team expects $2.8bn of destock in 4Q12-1H13."

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 $35.78 yesterday, with a 52 week range of $24.35-$40.69.

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Goldman Sachs Conviction Buy List, Goldman Sachs

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