According to Oppenheimer, Sensata Technologies ST is downgraded to Perform.
Oppenheimer said that it is reducing 2012E EPS to $2.10 from $2.20, on EUR FX headwind and industry outlook for 1Q EU light vehicle production (down 8%; down ~5% for 2012). “We are establishing 2013E EPS of $2.60, and reducing PT to $33 from $35. We would reconsider our revised rating on valuation, given overall robust operating
margins and strong content growth story.”
Sensata closed yesterday at $29.44.
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