Buckingham analyst Glenn Chin upgraded American Axle to Buy from Neutral with a price target of $12, up from $11. Chin tells investors in a research note that his upgrade is predicated on the belief that concerns about peak truck and high leverage are adequately discounted in the stock, adding that he believes that concerns regarding peak truck are overblown, with several market dynamics suggesting truck strength should continue. While he acknowledges that multiple expansion may be difficult to fathom given late-cycle dynamics, even without it, with free cash flow inflecting higher, the ~$260M that he forecasts for 2020 should accrete to equity shareholders, all else equal, representing ~$2.30 upside, for 25% return.