UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Autoliv
In a report published Friday, Deutsche Bank reiterated its Hold rating on Autoliv (NYSE: ALV), but lowered its price target from $72.00 to $68.00.
Deutsche Bank noted, “Q4 was in-line; guidance was weak - Autoliv reported Q4 EPS of $1.58, ex items; above our $1.32 estimate and consensus of $1.33. Most of the upside was below the operating income line, including a lower-than-expected tax rate ($0.18) and interest / other ($0.03). But the focus for Autoliv, and for other suppliers, was on the company's 2013 guidance, which was well below consensus. We are maintaining our Hold rating based on valuation.”
Autoliv closed on Thursday at $65.80.
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Tags: Deutsche Bank