As previously reported, Morgan Stanley analyst Armintas Sinkevicius downgraded Adient (ADNT) to Equal Weight from Overweight, stating that recent management commentary appears to have taken the potential for strategic action involving the underperforming metals business off the table. Adient instead has highlighted a "multi-year journey" to scale down the business and challenges associated with the metals business caused the company to lower guidance for FY18 as well as its medium-term guidance for margin expansion, noted Sinkevicius. He cut his price target on the shares to $61 from $81. Sinkevicius also upgraded Tenneco (TEN) to Equal Weight from Underweight this morning.