Autoliv downgraded to Hold from Buy at Jefferies

Jefferies downgraded Autoliv (ALV) to Hold from Buy with a price target of $120, down from $150. For the fiscal year, the firm cut its EBIT estimate by 8% and now sits 4% below consensus, stating that it sees Autoliv being largely successful in passing on escalating raw material costs, but expects an elevated call-off environment and lower overall light vehicle production in response to higher fuel prices.