Imperial Capital Upgrades Allegion (ALLE) to Outperform
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Imperial Capital upgraded Allegion (NYSE: ALLE) from In-Line to Outperform with a price target of $72.00 (from $79.00).
Analyst Jeff Kessler commented, "Although we are lowering our price target to $72, we are raising our rating to Outperform because we believe the ALLE shares are trading at a discount relative to its valuation and 12-18 month growth potential. We believe that the ALLE shares can achieve our price target of $72 based on a valuation of 14.5x our FY17E adjusted EBITDA. Allegion has vaulted into the fastest growing company among the large lock and access control companies, in a sector of the security industry that is getting increasing priority. Although we are positive on the commercial construction and the single-family housing market in the U.S., we are cautious about the growth coming out of the Asia Pacific region, select European regions and select verticals in the U.S. On 10/25/16, United Technologies (UTX) held its 3Q16 earnings conference call, and management
noted that it is seeing a slowdown in construction activity in the U.K. as a result of the Brexit vote, but the rest of Europe appears to be improving slowly. We believe that this slow-but-steady improvement could be enough to offset the slowdown in the U.K."
Shares of Allegion closed at $63.84 yesterday.
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