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UPDATE 1-Baird raises US auto and truck parts suppliers sector

Mon Mar 31, 2008 9:53pm IST
 
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 March 31 (Reuters) - Robert W. Baird & Co upgraded the U.S.
auto and truck parts suppliers sector to "market overweight"
from "market weight," citing in part falling valuations to
levels at which suppliers typically outperform and declining
earnings expectations over the last six months.
 In a note to clients, analyst David Leiker said adjacent
sectors such as home builders and retailers that usually lead
the suppliers group are outperforming the market with several
economic metrics like housing starts and housing permits
bottoming out.
 Following are the rating and price target changes by Baird
on the auto and truck parts suppliers.
 Company                                  Rating             
Price Target (in $) Current Price
       Current     Prior      Current  Prior      (in $)
 Accuride Corp                 ACW.N  Outperform  Neutral   
 12     7          8.24
 American Axle & Mfg Holdings  (AXL.N: Quote, Profile, Research)  Neutral     Neutral   
 24     20         20.58
 ArvinMeritor Inc              (ARM.N: Quote, Profile, Research)  Outperform  Neutral   
 17     12         12.73
 Autoliv Inc                   (ALV.N: Quote, Profile, Research)  Outperform  Outperform
 69     59         50.09
 BorgWarner Inc                (BWA.N: Quote, Profile, Research)  Neutral    Underperform
45     37         42.59
 Commercial Vehicle Group Inc  (CVGI.O: Quote, Profile, Research) Outperform  Neutral   
 17     10         9.98
 Gentex Corp                   (GNTX.O: Quote, Profile, Research) Outperform  Outperform
 25     22         16.99
 Harman International          (HAR.N: Quote, Profile, Research)  Outperform  Outperform
 61     51         43.68
 Johnson Controls Inc          (JCI.N: Quote, Profile, Research)  Outperform  Outperform
 51     40         33.66
 Lear Corp                     (LEA.N: Quote, Profile, Research)  Outperform  Outperform
 41     30         26.12
 Magna International Inc       (MGA.N: Quote, Profile, Research)  Outperform  Neutral   
 102    90         73.21
 Methode Electronics Inc       (MEI.N: Quote, Profile, Research)  Outperform  Neutral   
 16     12         11.25
 Modine Manufacturing Co       (MOD.N: Quote, Profile, Research)  Neutral    Underperform
15     13         14.49
 Snap-on Inc                   (SNA.N: Quote, Profile, Research)  Outperform  Outperform
 80     67         50.23
 Stoneridge Inc                (SRI.N: Quote, Profile, Research)  Neutral     Neutral   
 16     12         13.48
 Strattec Security Corp        (STRT.O: Quote, Profile, Research) Neutral     Neutral   
 45     37         40.02
 Superior Industries Int'l Inc (SUP.N: Quote, Profile, Research)  Neutral    Underperform
23     18         21.13
 Tenneco Inc                   (TEN.N: Quote, Profile, Research)  Outperform  Neutral   
 37     28         28.54
 Visteon Corp                  VC.N   Outperform  Neutral   
 8      3          3.96
  (Reporting by Dhanya Ann Thoppil in Bangalore; Editing by
Deepak Kannan)


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