Goldman cuts TRW Automotive to sell

NEW YORK (Reuters) -- Goldman Sachs said it downgraded TRW Automotive Holding Corp. to "sell" and cut its price target to $23 from $26.

In a research note, the brokerage said it expected revenue headwinds in TRW's Commercial Steering business and rising costs of aiding distressed tier-2 suppliers, to slow down its growth in 2007.

Less favorable mix and product launch timing in TRW's Occupant Safety business will also affect the maker of safety equipments such as airbags, Goldman Sachs added.

TRW Automotive was 10th on the Automotive News ranking of top suppliers to North American auto manufacturers in 2005 with $4.4 billion in total sales.

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