UPDATE: Jefferies Cuts PT to $81 on BorgWarner on Cyclical Pressures
Jefferies reiterates its Hold rating on BorgWarner (NYSE: BWA) and cuts its price target from $85 to $81.
Jefferies notes, "We hosted an investor bus tour of auto names (including BWA) this week in Detroit. The dominant theme across our meetings (not only BWA) was Europe: production levels, any signs of slowing in Germany and the U.K., companies' contingency plans, and the impact of a weakening Euro. Out of these meetings, we trimmed estimates for BWA to inline levels on potentially rising cyclical pressures, even as the secular theme remains attractive."
BWA closed at $71.75 on Thursday.
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