Mizuho downgraded Allegion to Neutral from Buy with a price target of $141, up from $140. The stock has had a strong run, gaining 47% from 2022 lows, and faces a more balanced risk-reward from its current levels, the analyst tells investors in a research note. Allegion’s non-residential markets are mixed with Institutional steady and Commercial pockets softening, while its Residential business remains stuck in a low gear, the firm added. The bulk of the margin FY24 guide is driven by favorable price/cost/productivity, but Mizuho is having difficulty getting significant EPS upside outside balance sheet use, the analyst states.
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Read More on ALLE:
- Allegion price target raised to $146 from $136 at Baird
- Wells Fargo downgrades Allegion to Equal Weight following recent strength
- Allegion price target raised to $121 from $119 at Barclays
- Allegion downgraded to Equal Weight from Overweight at Wells Fargo
- Allegion sees FY24 adjusted EPS $7.00-$7.15, consensus $7.04
