Allegion price target raised to $123 from $114 at Mizuho

Mizuho analyst Brett Linzey raised the firm’s price target on Allegion to $123 from $114 and keeps a Buy rating on the shares. The analyst remains positive on the near-term fundamentals for the industrial technology sector, saying Q4 earnings should ne largely in line despite "macro warning signals continuing to flare." Backlogs are strong into 2023, while idiosyncratic factors such as price/cost, factory continuity, fewer supply chain disruptions and capital deployment should help partly buffer slower organic developments, Linzey tells investors in a research note.