UPDATE: Oppenheimer Downgrades Sensata Technologies to Perform

According to Oppenheimer, Sensata Technologies ST is downgraded to Perform. Oppenheimer said that it is reducing 2012E EPS to $2.10 from $2.20, on EUR FX headwind and industry outlook for 1Q EU light vehicle production (down 8%; down ~5% for 2012). “We are establishing 2013E EPS of $2.60, and reducing PT to $33 from $35. We would reconsider our revised rating on valuation, given overall robust operating margins and strong content growth story.” Sensata closed yesterday at $29.44.