BorgWarner assumed with Hold from Buy at TD Cowen

TD Cowen downgraded BorgWarner (BWA) to Hold from Buy with a $31 price target after assuming coverage of the name. The stock looks cheap relative to the company’s fundamentals and the “old Borg” is coming back, the analyst tells investors in a research note. However, TD says BorgWarner’s “mixed” 2025 guidance “showed that the story isn’t fully back to old form yet.” As such, it opts to stay patient and wait for a more compelling entry point.