As previously reported, Oppenheimer analyst Christopher Glynn downgraded Sensata to Perform from Outperform. The analyst believes that potentially emerging/lingering demand challenges across HVOR and Sensing Solutions markets, and the case for multiple expansion runs into counter arguments about free cash flow/ANI conversion, higher leverage vs. many peers, and potential for fluctuating FX impacts on EPS. Furthermore, Glynn also notes that current and long-term content growth spreads above end market production into vehicle markets supports capital preservation during market headwinds.