Deutsche Bank Lowers PT On TEN To $51

Deutsche Bank has lowered its price target on Tenneco Inc. TEN from $53 to $51 based on inline Q1 results. According to Deutsche Bank, “Tenneco reported adjusted Q1 EPS of $0.63 vs. our $0.50 estimate and consensus of $0.48. However, adjusted for the timing of an inventory change over charge of $12MM ($0.13 of EPS), Q1 EPS was in-line with our estimate. Revenue once again exceeded our forecast but incremental margins were weaker than expected. While we were somewhat disappointed by Tenneco's incremental margin performance in Q1, we maintain our Buy based on valuation.” As stated above, Deutsche Bank maintains its Buy rating on the stock. TEN closed at $43.61 yesterday.