UPDATE: Jefferies Lowers PT to $38 on Tenneco; Macro Headwinds

Jefferies cuts its price target from $44 to $38 on Buy-rated Tenneco

following a weak Q1. Jefferies says, "TEN shares sold off 14.6% on Monday after a 1Q report that missed consensus EPS by 9.6%. The report's weak spots were largely macrorelated (particularly in Europe). Our sense is that the multi-year emissions thesis remains intact, although it might not matter until the market stops shedding auto stocks." TEN closed at $30.83 on Monday.