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GM & Ford Cuts Keep TEN a Hold
Tenneco (TEN - Analyst Report) 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 (GM) and Ford (F - Analyst Report) lead us to rate the stock a Hold.
Currently, shares of Tenneco Inc. are trading at 12.6x our 2008 EPS estimate of $2.06. We set a six-month target price of $28.00 and rate the shares a Hold. This is 13.6x our 2008 estimate.
Read the full analyst report on TEN
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| Market Summary | Nov 21, 2009 05:28 am ET |
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