RBC Capital lowered the firm’s price target on American Axle to $6 from $8 and keeps a Sector Perform rating on the shares. The company missed with its Q3 results and cut guidance due to expected UAW headwind and significant non-UAW headwinds that included labor inefficiencies in its own operations, particularly within metal formation, the analyst tells investors in a research note. The focus shifts to whether American Axley can see normalization in 2024, the firm added.
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Read More on AXL:
- AAM Reports Third Quarter 2023 Financial Results
- American Axle sees FY23 Adjusted EBITDA $660M-$685M
- American Axle reports Q3 adjusted EPS (11c), consensus 2c
- AXL Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- RBC expects relief rally for auto names and suppliers with UAW resolution near
