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Fly News Breaks for June 21, 2016
AXL
Jun 21, 2016 | 06:55 EDT
BofA/Merrill analysts led by John Murphy lowered their U.S. vehicle sales and North American production forecasts given a somewhat slower than expected sales pace so far this year. The firm lowered its 2016 U.S. sales estimate to 17.7M from 18.2M units and its peak estimate to 18M units from 20M units in 2018. As a result, Murphy downgraded American Axle to Neutral from Buy given the later stages of the U.S. cycle will likely pressure the multiple and limit upside. The analyst lowered his price target to $20 from $27.50 on American Axle shares.
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