Zacks Investment Research downgraded shares of Tenneco Inc. (TEN) from NEUTRAL to UNDERPERFORM on February 18, 2013, with a target price of $35.00.
Tenneco has consistently won more commercial vehicle business than anticipated. Moreover, the company is expected to benefit from tighter emission regulations through 2015. However, a high customer concentration poses a threat to the company's results. Furthermore, Tenneco faces relatively weak demand for high-margin aftermarket parts. Despite posting a 25% rise in EPS to $0.66 per share in the fourth quarter 2012, it missed the Zacks Consensus Estimate by $0.02. As such, we have downgraded the recommendation on the shares of the company to Underperform from Neutral and set a target price of $35.00.
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