UPDATE: Credit Suisse Downgrades American Axle (AXL) to Neutral

(updating comment)

Credit Suisse analyst Dan Levy downgraded American Axle (NYSE: AXL) from Outperform to Neutral with a price target of $4.00 (from $11.00).

The analyst comments "While we expect AXL will have ample liquidity through the worst of the
coronavirus upheaval, we nevertheless believe that elevated leverage levels are likely to serve as
an overhang, limiting recovery potential for the stock. Indeed, we expect AXL to exit 2021 at an
elevated 4.6x net debt / TTM EBITDA. Moreover, potentially reduced spend on electrification
may raise terminal value questions."

For an analyst ratings summary and ratings history on American Axle click here. For more ratings news on American Axle click here.

Shares of American Axle closed at $3.60 yesterday.

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