UPDATE: Pareto Securities Downgrades Autoliv to Hold on Europe Uncertainty

Pareto Securities reduced its rating on Autoliv

from Buy to Hold as it sees no upside triggers in the near term future. Pareto Securities noted, "We downgrade our recommendation on Autoliv from Buy to Hold … as we see no imminent triggers but instead lingering uncertainty on the deterioration in Europe and its impact on Autoliv's margins (due to under-utilisation). For 2013, we assume 3% organic growth (with a 2% decline in Europe) and a minor margin improvement. Nevertheless, the valuation is clearly undemanding and offers an attractive entry-point for a value investor." Autoliv closed at $57.07 on Tuesday.