Allegion downgraded to Hold from Buy at Vertical Research

Vertical Research downgraded Allegion to Hold from Buy with a price target of $100, down from $128. The firm’s prior rating was premised on improved operational execution and a growth re-vitalization under new CEO John Stone and while there is “evidence of improvement on both factors,” growth disappointed in Q2 and the firm’s confidence in Q3 and the second half has been “undermined by the recent clear deterioration in commercially-oriented non-residential indicators,” the analyst tells investors.