UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Autoliv

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Autoliv (NYSE: ALV), but lowered its price target from $69.00 to $66.00.Deutsche Bank noted, “Q3 in-line, but helped by pull-forward of engineering income. ALV reported 3Q12 EPS of $1.30 (ex special items), vs our forecast of $1.40. The company's Q3 operating margin of $197.2MM (10.1%) was also in-line with our forecast and guidance (i.e. a higher-than-expected tax rate fully accounted for the $0.10 underperformance to our EPS forecast). But if we adjust for the fact that $10MM of engineering income was pulled forward from Q4 to Q3, EPS would have been 7 cents lower than expected and EBIT margin would have been 9.6%.”Autoliv closed on Tuesday at $57.07.