UPDATE: DNB Markets Initiates Autoliv at Buy: Q4 A Likely Profitability Trough

DNB Markets initiated coverage on Autoliv

with a Buy rating. DNB Markets noted, "As we believe Q4 2012 will mark the trough in profitability at 9%, we focus on the above-market growth we see for Autoliv in the coming years, driven by market share gains in emerging markets and increased sales of active safety products. As we forecast 14% annual EPS growth in the next two years, we find 2013e P/E of 9.5x undemanding." Autoliv closed at $61.63 on Thursday.