BofA downgraded American Axle to Underperform from Neutral with a price target of $8, down from $9. The firm’s revised price target reflects downward revisions to estimates after the Q3 earnings report as well as its updated sector view following the results from the group and heading into year-end, the analyst tells investors. The firm doesn’t foresee any positive catalysts for American Axle until “well into 2024,” the analyst added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on AXL:
