UPDATE: Susquehanna Financial Group Initiates Coverage on Tenneco with Positive Rating, $61 PT on Reason for Optimism

In a report published Tuesday, Susquehanna Financial Group analyst Matthew Stover initiated coverage on

with a Positive rating and $61.00 price target. In the report, Susquehanna Financial Group noted, “Tenneco is a company that requires a bit of work. On the one hand, the company's Emissions Control has a very attractive growth potential as emissions standards change around the world. On the other hand, the company has a deep value multiple – what gives? We believe that TEN needs to capitalize on its growth opportunities and begin to generate cashflow – if it is able to do this then we believe investors can benefit from both earnings growth and multiple expansion. We see reason to be optimistic about the company's prospects and therefore introduce with a Positive rating.” Tenneco closed on Monday at $50.85.