Zacks Investment Research upgraded shares of American Axle & Manufacturing Holdings Inc. (AXL) from UNDERPERFORM to NEUTRAL on May 07, 2013, with a target price of $16.00.
American Axle focuses on diversification and geographic expansion. The company's backlog of new and incremental business to be launched from 2012 to 2014 is valued at $1.1 billion. However, weak SUV demand, high commodity costs and pricing pressure by OEMs remain causes for concern. The company's earnings plunged 62.3% to $0.23 per share in the first quarter of 2013 but surpassed the Zacks Consensus Estimate of $0.15. We, therefore, have upgraded our recommendation on the shares of the company to Neutral from Underperform and set a target price of $16.00.
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