UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Tenneco
In a report published Friday, Deutsche Bank reiterated its Buy rating on Tenneco (NYSE: TEN), but slightly lowered its price target from $38.00 to $37.00.
Deutsche Bank noted, “Tenneco reported another strong quarter. TEN reported Q3 EPS of $0.85 well ahead of our $0.68 est and cons of $0.74. Revenue of $1.778bn was below our $1.847bn est, due to lower substrate revenue. Gross profit of $239MM was roughly in-line with our $242MM estimate. The upside was entirely driven by lower SG&A and R&D expenses of $124MM vs. our $143MM, illustrating good cost control on the part of the company. We maintain our Buy rating based on valuation.”
Tenneco closed on Thursday at $30.68.
Latest Ratings for TEN
|Nov 2016||Jefferies||Initiates Coverage On||Hold|
|Aug 2016||Deutsche Bank||Maintains||Hold|
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