UPDATE: Deutsche Bank Lowers Autoliv's PT

According to a research report published this morning, Deutsche Bank has decreased Autoliv's ALV PT from $85 to $81. In the report, Deutsche Bank said, "Autoliv reported Q1 EPS, excluding items, of $1.56 vs. our $1.64 est. and consensus of $1.61. Revenue of $2.18bn was slightly below our $2.20bn estimate. However, gross margin of 20.2% was also 100bps below our estimate. Operating margin of 10.0% was slightly below our 10.2% estimate, due to strong SG&A cost performance. Incremental op margin ex-FX was -36.7% vs. our -19.7% est showing weak flow through in Q1; however, we expect this to improve in the back half. We maintain our Hold rating based on relative valuation." Deutsche Bank maintains its Hold rating on Autoliv, which is currently trading at $63.06.