UPDATE: Jefferies Reiterates Hold Rating, Raises PT on American Axle & Manufacturing Holdings After Higher-Than-Expected Close
In a report published Monday, Jefferies reiterated its Hold rating on American Axle & Manufacturing Holdings (NYSE: AXL), and raised its price target from $9.00 to $13.00.
Jefferies noted, “AXL shares closed up 3.3% on Friday (vs. the S&P 500 up 0.5%) after modestly missing 4Q consensus and guidance. We previously argued that AXL's operational issues would likely take several quarters to work through. While it continues to look like it's getting worse before it gets better, investors appear willing to look past these issues as short-term in nature.”
American Axle & Manufacturing Holdings closed on Friday at $12.24.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.