Wall Street Gets More Positive On American Axle (AXL) Following GM Cash
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After more than doubling yesterday, auto parts company American Axle (NYSE: AXL) is up another 18% today as Wall Street is cheering news the company received an influx of $110 million from bailed-out automaker GM. This cash is expected to stave off a bankruptcy of American Axle and allow it to amend certain credit agreements.
This morning, Credit Suisse upgraded AXL from Neutral to Outperform with an $8 price target; JP Morgan set a $6 price target but keep their Neutral rating; Buckingham Research raised their target to $12 from $9 and maintained their Strong Buy rating; Baclays lifted their price target to $8 from $4 but maintained their Equal-Weight rating.
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