Morgan Stanley analyst Armintas Sinkevicius said the bear thesis on American Axle is centered around "the cycle, leverage, customer concentration, and electrification, in that order." While he does not debate that the cycle will be an overhang for the foreseeable future, Sinkevicius believes the company's upcoming analyst day may help it to dispel some other parts of the bear thesis, particularly the risk around electrification, which he views as overdone. The analyst, who is not expecting any guidance targets at the event, keeps an Overweight rating on American Axle and continues to view it as his top pick in the U.S. Autos and Shared Mobility sector.