UPDATE: Gabelli & Company Downgrades BorgWarner to Hold

Gabelli & Company has published a research report on BorgWarner (NYSE: BWA) and has downgraded the company from Buy to Hold based on valuation.

In the report, Gabelli wrote, "We remain attracted to BWA on a long-term basis, as we view the company as the auto supplier best positioned to significantly outperform global light vehicle production growth over the next several years. Global fuel efficiency and emissions regulations will require increased use of the company's full suite of turbochargers and timing systems. Looking past 2013, we estimate steady EPS growth to nearly $7.00 in 2015, at which time we see intrinsic value at $101 per share. Should shares in the near term decline again into the mid $60's, or sufficient time pass where we obtain greater clarity on 2013-14 growth, we would reconsider our recommendation."

BorgWarner is currently trading down 4.53 percent from Wednesday's $76.08 closing price.