American Axle falls 17% on analyst downgrade to ‘hold’
American Axle & Manufacturing Holdings Inc. (NYSE:AXL) is off 17% today after KeyBanc Capital Markets downgraded the auto parts manufacturer to “hold” from “buy.” The research firm also lowered its 2008 earnings per share estimate to a net loss of $1.52 from a net loss of $0.88. The company has felt the pinch of high gas prices driving down auto sales, especially to its largest customer, General Motors (NYSE:GM). Detroit-based American Axle is down 70% since January.
American Axle shares are at $5.35 at 11:07 p.m. ET, down $1.16 from Friday’s close. The stock has ranged from $5.10 to $28.11 during the past 52 weeks.
For detailed price information and recent news stories about American Axle & Manufacturing Holdings Inc., click AXL.
