UPDATE: Sterne Agee Reiterates Buy Rating, Lowers PT on TRW Automotive

In a report published Wednesday, Sterne Agee Group reiterated its Buy rating on TRW Automotive TRW, but lowered its price target from $59.00 to $57.00. Sterne Agee noted, “TRW is among the best positioned suppliers on a global basis to assist vehicle manufacturers meet tighter regulations for safety and emissions. The regulatory environment should support growth in excess of the industry over the next few years...We have increased our earnings assumptions for 2012 to $5.85 per share from $5.75 per share, reflecting better than expected second quarter performance, but we have lowered our 2013 assumption to $6.60 per share from $6.75 per share to reflect a more cautious outlook for Europe. We have introduced a 2014 estimate of $7.40 per share, reflecting new business wins and lower investment costs.” TRW Automotive closed on Tuesday at $39.30.