UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on BorgWarner

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on BorgWarner

, but lowered its price target from $66.00 to $62.00. Deutsche Bank noted, “As has been their custom in recent years, BorgWarner updated their 3-year (2013-2015) net new business backlog, which is a proxy for the company's organic growth. The aggregate 3-year forecast was in-line with our $2.3bn estimate, though likely a bit below consensus (which we believed to be in the $2.4-$2.5 bn range). The downward adjustment to the 3-year forecast was more than explained by a $435 MM revision to the company's European backlog estimate (of which $100MM was explained by lower production expectations, $100MM was explained by a customer production change from Europe to China, $55MM was due to FX assumption, $20MM was due to a divesture and the balance was explained by mix and launch timing).” BorgWarner closed on Tuesday at $68.10.