UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Tenneco Following 2Q Report

In a report published Tuesday, Jefferies analyst Peter Nesvold reiterated a Buy rating on

, but lowered the price target from $57.00 to $56.00. In the report, Jefferies noted, “TEN shares closed down 0.7% (versus the S&P 500 -0.4%) after posting a 2Q beat on sales and operating income, offset by a higher tax rate below the line. TEN now expects 2H commercial vehicle revenue to be flat with 2Q and for the full-year to come in at the lower end of the previous guidance range. Our 2013 estimates remain largely unchanged.” Tenneco closed on Monday at $48.43.