Allegion upgraded to Neutral at BofA on strong execution

BofA analyst Andrew Obin upgraded Allegion (ALLE) to Neutral from Underperform with a price target of $175, up from $110, telling investors that Allegion’s strong execution has led to the company outperforming its weak construction end markets and Street expectations. Meanwhile, commercial markets have seemingly bottomed while bond issuance for Institutional verticals continues to grow, though Allegion’s residential exposure keeps the firm at a Neutral rating.