UPDATE: Sterne Agee Reduces PT to $59 on TRW Automotive Holdings on Growing European Concern

Sterne Agee reiterates its Buy rating on TRW Automotive Holdings

and reduces its price target from $62 to $59 a share. Sterne Agee comments, "We have reduced our earnings assumptions for 2012 and 2013 to reflect growing concerns in Europe, especially in Spain. …TRW's margin at the EBITDA level should decline in 2012 as the company continues to invest in facilities to support new business wins that accelerate over the next few years. By our estimate, revenue growth should exceed the overall industry over the next few years as net new business of $3 billion accelerates, and as the investment spending subsides, margin should improve." TRW closed at $40.17 on Tuesday.