UPDATE: Jefferies Raising Price Target on Borg Warner

Jefferies & Co. is out with a research report on Borg Warner (NYSE: BWA) and it is raising its price target to $77 from $86, and it has a Hold rating on shares.

In a note to clients, Jefferies & Co. writes, "BWA reported a clean 3Q beat with solid trends throughout the company. We are gaining confidence that the company can continue to grow margins despite being above past-peak. Valuation keeps us on Hold."

Shares of BWA closed at $76.33 on Friday.