LONDON -- Goldman Sachs on Friday reshuffled its ratings on the European auto sector, saying that overall the industry remains attractive and it expects further improvements in revenue growth, margins and capital returns through 2013, helped by structural emerging markets growth and recovering developed markets. Goldman upgraded Porsche and Scania AB to buy from neutral and added BMW to its conviction buy list. It also upgraded PSA Peugeot Citroen , Man SE and Leoni AG to neutral from sell. Among downgrades in the sector, Goldman cut Renault SA and Michelin to sell from neutral and Autoliv and GKN to neutral from buy.

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