Deutsche Bank Upgrades American Axle & Mfg (AXL) to Buy, Sets Aggressive $5 Price Target
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Deutsche Bank upgrades American Axle & Mfg (NYSE: AXL) from Hold to Buy, on valuation. The firm called the company a likely survivor in the auto parts sector. The firm raised their price target from $1 to $5, which provides 230% upside to yesterday's close of $1.51.
The firm said, "Based on an additional $300 MM of cost savings this year, will believe that AXL will reduce its breakeven point to a level that would calibrate to a 9.5-10.0 MM SAAR." The firm also said they feel more comfortable that AXL will address covenants. That being said, the firm said that that significant balance sheet restructuring is needed.
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