KeyBanc Upgrades BorgWarner (BWA) to Buy
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KeyBanc upgrades BorgWarner Inc. (NYSE: BWA) from Hold to Buy. Price target $46.
KeyBanc analyst says, "Upgrade based on our belief that robust demand for the Company's products will continue to drive revenue growth and margin expansion, resulting in double-digit EPS growth. Revenue growth should be driven primarily by new business; BWA's net new business backlog currently stands at $1.95 billion, which implies 11% organic sales CAGR from 2008-2010. We believe the organic growth rate will be at or above the current 11% CAGR when BWA announces its updated 2009-2011 backlog in the first half of October. We are forecasting revenue growth of 8% in 2009 (11% organic growth less a 5% decline in European production) and 12% in 2010 (11% organic growth plus modest global production growth)."
BorgWarner Inc. is a global supplier of engineered systems and components, primarily for power train applications.
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