Tenneco Upgraded from Sell

Tags: ten
18 Nov 2:54am
Posted by ZacksResearch
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Tenneco, Inc. (TEN) headquartered in Lake Forest, Illinois is a leading manufacturer and supplier of emission control, ride control systems, and systems for the automotive original equipment manufacturers (OEMs) and the aftermarket.

Tenneco is witnessing revenue improvements and has been successful in its cost reduction efforts and restructuring activities. The company holds a leading position in nearly every product category it offers. Moreover, diversification has proved to be a major positive for the company.

The company projects that it will achieve an average compounded annual Original Equipment (OE) revenue growth rate of 11%-13% between 2008 and 2012. However, elevated commodity costs, oil prices, and sizeable production cuts at General Motors Corporation (GM) and Ford Motor Company (F) lead us to rate the stock a Hold. We set a six-month target price of $2.50.

Read the full analyst report on TEN



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