Tenneco (TEN) PT Lowered to $47 at RBC Capital
RBC Capital analyst Joseph Spak lowered the price target on Tenneco (NYSE: TEN) to $47.00 (from $50.00) while maintaining a Sector Perform rating.
Spak said while they like the strategic and industrial logic of the Federal-Mogul deal and future spin, they don't see an immediate catalyst, as cycle and secular fears persist.