Allegion downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Allegion to Equal Weight from Overweight with a price target of $119, down from $130. The stock does not screen well based on the firm’s updated sector stock selection framework, the analyst tells investors in a research note. The firm says Allegion has relatively few perceived secular growth tailwinds, which means the valuation multiple is likely to remain low without a substantial improvement in the company’s earnings growth outlook, which it does not not expect to occur in 2024.