UPDATE: BofA Securities Downgrades American Axle (AXL) to Neutral
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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."
Shares of American Axle closed at $9.87 yesterday.
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