UPDATE: Tenneco (TEN) PT Raised to $20 at Deutsche Bank

(Updated - March 16, 2022 6:41 AM EDT)

Deutsche Bank analyst Emmanuel Rosner raised the price target on Tenneco (NYSE: TEN) to $20.00 (from $18.00) while maintaining a Hold rating.

The analyst comments "Tenneco reported on Feb 23 mixed results for 4Q21, with better top-line but lowerthan- expected margins, driven primarily by weakness in its Performance Solutions segment and higher corporate costs. More importantly however, the company concurrently announced that it had entered into a definitive agreement to be acquired by Apollo Funds in a deal valuing the supplier at an EV of ~$7.1bn including debt and obligations implying a ~4.8x 2022E Ebitda multiple. Apollo will be taking Tenneco private for $20/share, representing a 100.4% premium over its closing price of $9.98 on February 22nd and a 71.6% premium over its 90-day VWAP. We view this as an attractive offer to shareholders. Altogether, we tweak up our price target by $2 to $20, on par with the offer price for the company; we maintain our Hold rating."

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