UPDATE: Deutsche Bank Upgrades American Axle to Buy
According to Deutsche Bank, American Axle & Mfg (NYSE: AXL) is upgraded to Buy.
Deutsche Bank said that it has begun to see AXL's focused exposure to North America as a positive in the current macro environment. “And we also expect a 1.2x reduction in net debt / EBITDA over the next three years (~$400MM), which should accrue directly to the market cap (~$700MM currently).”
American Axle & Mfg closed yesterday at $8.97.
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