Allegion price target lowered to $120 from $129 at Barclays

Barclays lowered the firm’s price target on Allegion to $120 from $129 and keeps an Overweight rating on the shares. The analyst believes Q1 played out largely as expected, with most multi-industry company earnings likely to come in-line with or above Street estimates. The tone from most management teams will likely remain upbeat, but there "may be a little more skepticism in share price reactions now given a murkier macro outlook," the analyst tells investors in a research note. As such, the firm reduced 2024 estimates and price targets for several names and keeps a Neutral industry view.