Jefferies Reiterates Underperform Rating, $9 PT on American Axle & Manufacturing
In a report published Wednesday, Jefferies & Company reiterated its Underperform rating and $9.00 price target on American Axle & Manufacturing (NYSE: AXL).
Jefferies noted, “Following IHS's forecast update on Tuesday, we are rebalancing our quarterly estimates for AXL to more closely align our model with IHS's estimated timing for Dodge Ram and T-900 production. Our full-year 2012 EPS estimate declines only modestly to $1.97 from $2.03 (vs. consensus of $1.95); the bigger change is in the distribution of EPS across the quarters.”
American Axle & Manufacturing closed on Tuesday at $10.03.
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