American Axle & Manufacturing Holdings upgraded to "aggressive buy" - update

10/29/07 - KeyBanc Capital Markets

NEW YORK, October 29 (newratings.com) - Analysts at KeyBanc Capital Markets upgrade American Axle & Manufacturing Holdings Inc (AXL) from "buy" to "aggressive buy," while raising their estimates for the company. The 12-month target price has been raised from $30 to $34.

In a research note published this morning, the analysts mention that the company may announce an additional Special Attrition Program (SAP) in early-2008, which may reduce its per-hour cost and excess manpower. American Axle & Manufacturing Holdings is well positioned for new contract wins of $100 million from Dana, the analysts say. The EPS estimate for 2009 has been raised from $3.10 to $3.53.