J.P. Morgan comments on Improved CV Mgn Visibility For Tenneco Automotive

In a report published by J.P. Morgan, Tenneco Automotive TEN saw improved CV Mgn visibility.

J.P. Morgan said that nothing it heard dramatically altered its view though it did walk away a bit more confident on margin potential, hence its modest upward tweaks to estimates (bringing us up to consensus) and to its Dec-2011 price target ($54 now vs. $50 previously). “Our meeting provided moderately improved visibility on CV revenue and margin potential, strategic direction of product portfolio, and operating leverage (this note discusses all of this, plus the operating leverage assumptions we believe consensus now embeds). Maintain Neutral with positive bias and would consider becoming more constructive on a more material pullback.”

Tenneco Automotive closed yesterday at $40.59.