UPDATE: BofA Securities Downgrades American Axle (AXL) to Neutral

September 9, 2022 6:07 AM EDT
Get Alerts AXL Hot Sheet
Price: $10.22 +0.59%

Rating Summary:
    5 Buy, 9 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 14 | New: 17
Join SI Premium – FREE
(Updated - September 9, 2022 9:17 AM EDT)

BofA Securities analyst John Murphy downgraded American Axle (NYSE: AXL) from Buy to Neutral with a price target of $13.00 (from $16.00).

The analyst commented, "American Axle is executing well amidst a challenging macro environment, and is focused on strengthening its balance sheet while ultimately looking for diversification opportunities (region, customer, technology). In the near-term, it should continue to benefit from the relative strength in GM’s truck/SUV program, supporting cash generation and de-levering over our forecast period. Although we are constructive on AXL’s fundamentals and the US cycle, there is relatively less upside in the stock so we are downgrading from Buy to Neutral for now."

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 $9.87 yesterday.

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst PT Change, Downgrades