Goldman Sachs Removes Tenneco (TEN) from Conviction Buy List; Sees Estimate Cuts
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Price: $41.45 +1.57%
Rating Summary:
7 Buy, 11 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 11 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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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.
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.
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