Goldman Sachs Upgrades PT On Tenneco To $48 (TEN)

Goldman Sachs upgraded its price target on Tenneco (NYSE: TEN) from $45 to $48 in a research report published today. Goldman revised its earnings per share estimates for the next three year upwards as well.

In the report, Goldman states, "Our upwardly revised estimates reflect: (1) the impact of the 1Q beat, (2) a higher total revenue forecast mainly driven by higher aftermarket growth on the back of the recently announced $15mn new business win with 7 customers, partially offset by slightly lower growth in Asia, and (3) better cost control at the SG&A level."

Tenneco's shares added 1.26% to their value today to stand at $44.16.