American Axle downgraded to Sell from Neutral at UBS

UBS downgraded American Axle to Sell from Neutral with a price target of $6.50, down from $8. While the firm sees some improvement in EBITDA from 2023 levels given the strike impact and operational challenges faced in 2023, beyond that it have difficulty seeing meaningful EBITDA growth for American Axle. As such, the company’s EBITDA “has generally peaked,” the analyst tells investors in a research note. The firm expects the company’s 2024 guidance to come in below Street estimates.