Deutsche Bank Downgrades TRW Automotive (TRW) to Hold; Valuation Call
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Deutsche Bank downgrades TRW Automotive (NYSE: TRW) to Hold on Valuation
Deutsche analyst says, "At $23, we believe that the risks for TRW’s shares are relatively balanced. On the positive side, we see potential for upside to our 2011 EBITDA forecast (we’re using a $1.2 bn EBITDA forecast for 2011, which appears conservative relative to TRW’s 2H09 run rate of $1.166 bn) particularly in light of the company’s surprisingly strong performance in recent quarters. On the negative side, we acknowledge potential for a shallower than expected recovery in North America or Europe. In addition, we have also acknowledged that TRW remains exposed to key commodities, including steel, aluminum, and magnesium. Lower raw material cost has been a strong positive recently, but could represent a drag on results by late 2010/2011...However, we now believe that the risk/reward for TRW shares is relatively balanced, and we are changing our recommendation to Hold."
To see more analyst ratings on TRW Click Here.
TRW Automotive Holdings Corp., together with its subsidiaries, designs, manufactures, and sells automotive systems, modules, and components for automotive original equipment manufacturers and related after-markets.
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