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Fly News Breaks for February 20, 2019
AXL
Feb 20, 2019 | 06:54 EDT
BofA/Merrill analyst John Murphy upgraded American Axle to Buy from Neutral with a $20 price target citing progress with restructuring, GM's truck cycle, and balance sheet deleveraging. Murphy expects the integration of MPG to realize benefits through 2019 and drive incremental cost and revenue synergies. The analyst also expects GM's truck launch to provide support and potential upside through 1H 2020 and for reasonably strong free cash flow to strengthen the balance sheet.
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