Allegion initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of Allegion (ALLE) with an Overweight rating and $170 price target Allegion provides integrated mechanical and electronic security solutions, with “deep domain strength” in non-residential access control, the analyst tells investors in a research note. The firm says the company’s operating model is built for flexibility and leverage, with investments in automation and global platforming. Electronic security is a high-growth, high-margin driver, offering both hardware uplift and software monetization, adds JPMorgan.