Morgan Stanley Sees More Rough Times Ahead for American Axle & Manufacturing Holdings

In a report published Wednesday, Morgan Stanley analyst Ravi Shanker reiterated an Underweight rating and $14.00 price target on

. In the report, Morgan Stanley noted, “For a company with almost no exposure to Europe or the volatile CV cycle and that is in the middle of one of the industry's strongest product, AXL's earnings have been cut more often than we expected, in the past 2 yrs. The path to smooth sailing ahead needs at least a small hop of faith.” American Axle & Manufacturing Holdings closed on Tuesday at $19.35.