Zacks Investment Research upgraded shares of BorgWarner Inc. (BWA) from UNDERPERFORM to NEUTRAL on March 25, 2013, with a target price of $80.00.
BorgWarner saw a 2.5% decrease in 2013-fourth quarter profits to $1.16 per share, but surpassed the Zacks Consensus Estimate by $0.04. Revenues dipped 3.1% to $1.72 billion, but were ahead of the Zacks Consensus Estimate of $1.69 billion. Pricing pressures from OEMs and strong competition are likely to adversely affect the company's results. Despite these factors, the company expects annual sales growth between 2% and 6% in 2013 compared with 2012. As such, we have upgraded the recommendation to Neutral from Underperform and set a target price of $80.00.
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