UPDATE 1-RESEARCH ALERT-Baird downgrades 3 auto parts makers


(Adds details) Jan 31 (Reuters) - Robert W. Baird & Co. said it lowered its ratings on auto parts suppliers Autoliv , American Axle & Manufacturing Holdings Inc. and Modine Manufacturing Co. to "underperform" from "neutral," based primarily on valuation. The brokerage, in a research note, said the rich valuation on Sweden's Autoliv, the world's biggest maker of air bags and seat belts, seems to more than discount the acceleration in earnings growth expected during 2007. Baird ...

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