Allegion price target lowered to $120 from $130 at Wells Fargo

Wells Fargo analyst Joseph O’Dea lowered the firm’s price target on Allegion to $120 from $130 and keeps an Overweight rating on the shares ahead of quarterly results. The firm is largely in-line on EPS estimates, and thinks guidance will be maintained to slightly raised across most of the group. As in recent quarters, Wells expects revenue beats/misses will be the primary driver of relative performance.