Goldman Raises Price Target On Tenneco (TEN)

Goldman Sachs raised its price target on Tenneco Inc. TEN to $36 from $34, and is keeping its Neutral rating. In a note to clients, Goldman Sachs says, "Our six month price target rises to $36 from $34 driven by a 5.75x and 13.5x multiple on our new normalized EBITDA and EPS estimates. While we like Tenneco's secular driven growth story tied to global emissions we believe a significant portion of the upside is discounted with 10% upside to our new price target and as such we remain Neutral rated on the shares." Shares of TEN gained 39 cents on Friday to close at $32.64, a gain of 1.2%.