UPDATE: Sterne Agee Downgrades BorgWarner to Neutral on Valuation, Europe Pressures
Sterne Agee downgraded BorgWarner (NYSE: BWA) from Buy to Neutral.
Sterne Agee noted, "We have downgraded our rating on BWA to Neutral from Buy, reflecting lower earnings assumptions for 2013 and 2014 as well as the current valuation level. BWA is among the best positioned suppliers globally to supply components that help vehicle manufacturers meet tighter regulations for fuel economy and emissions, providing growth in excess of the overall market. However, in the near term, growth is expected to slow, owing in part to industry pressures in Europe."
BorgWarner closed at $77.29 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.