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.