Zacks Investment Research downgraded shares of TRW Automotive Holdings Corp. (TRW) from OUTPERFORM to NEUTRAL on October 15, 2014, with a target price of $106.00.
We are downgrading TRW Automotive to Neutral from Outperform based on its impending takeover by ZF Friedrichshafen. The company reported a 14.9% increase in its second-quarter 2014 earnings to $2.32 per share, exceeding the Zacks Consensus Estimate by $0.20. Revenues grew 1.8% to $4.59 billion, driven by increasing demand for the company's active and passive safety technologies, rising vehicle production volumes in major markets, and the positive impact of currency translation. Revenues beat the Zacks Consensus Estimate of $4.56 billion. For 2014, TRW Automotive anticipates industry production of 17 million units in North America and 19.9 million units in Europe. Revenues for the year are expected in the range of $17.5-$17.7 billion.
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