Bank of America Securities analyst Andrew Obin maintained a Sell rating on Allegion yesterday and set a price target of $110.00.
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Andrew Obin has given his Sell rating due to a combination of factors, primarily focusing on Allegion’s market performance and future prospects. The report highlights that Allegion’s key competitor, Assa Abloy, has shown stronger organic growth in the Americas, which is a significant market for Allegion, indicating potential challenges for Allegion to match this growth rate.
Additionally, the report points out that while non-residential construction continues to drive growth, residential construction spending remains negative, and non-residential growth is decelerating. These market conditions contribute to a less favorable outlook for Allegion. Furthermore, the current stock price of Allegion is significantly higher than the price objective set by the analyst, suggesting an overvaluation in the market. These factors collectively support the Sell rating given by Andrew Obin.
In another report released on July 9, Barclays also maintained a Sell rating on the stock with a $135.00 price target.
Based on the recent corporate insider activity of 93 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ALLE in relation to earlier this year.