Analyst Timothy Wojs of Robert W. Baird maintained a Hold rating on Allegion (ALLE – Research Report), boosting the price target to $146.00.
Timothy Wojs has given his Hold rating due to a combination of factors observed in the first quarter market performance and expectations for 2024. His analysis indicates that Allegion has experienced stable volume growth and consistent pricing strength, with a slight volume improvement and a marginal deceleration in pricing growth compared to the previous quarter. Despite the positive market checks, which suggest the potential for conservative underlying pricing and volume assumptions, Wojs remains neutral, awaiting a more significant catalyst that could drive the share value higher.
Institutional end markets have shown notable performance, particularly in healthcare and education, while other sectors like retail, lodging, and office have been less impressive. The overall outlook for 2024 remains largely unchanged, with a majority of respondents expecting growth. Wojs maintains unchanged estimates, considering the steady end-market activity and projecting moderate growth in both pricing and volume for the remainder of the year. His hold recommendation seems to stem from the current market stability and the absence of a clear positive driver to warrant an upgrade to a Buy rating at this time.
In another report released on April 16, UBS also maintained a Hold rating on the stock with a $132.00 price target.
ALLE’s price has also changed moderately for the past six months – from $98.560 to $125.210, which is a 27.04% increase.
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Allegion (ALLE) Company Description:
Allegion Plc provides security products and solutions that keep people safe, secure and productiv. It operates through the following three geographic segments: Americas; Middle East, India, and Africa (EMEIA); and Asia Pacific. The Americas segment sells a range of products and solutions such locks, locksets, portable locks, key systems, door closers, exit devices, doors and door systems, electronic products, and access control and time and attendance systems. The EMEIA segment offers the same portfolio of products as the Americas segment as well as time and attendance and workforce productivity solutions. The Asia Pacific segment also provides the same product portfolio in addition to video analytics solutions. The company was founded on May 9, 2013 and is headquartered in Dublin, Ireland.
