BofA lowered the firm’s price target on American Axle (AXL) to $5.50 from $7 and keeps an Underperform rating on the shares. The firm lowered its North American auto production estimate to 16.1M from 16.7M to reflect plant downtime and a material increase in Chinese imports to Mexico. Auto suppliers’ outlooks point to “another tough year ahead since production volumes are expected to decline,” the analyst added.
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