Allegion price target lowered to $122 from $132 at Baird

Baird analyst Timothy Wojs lowered the firm’s price target on Allegion to $122 from $132 and keeps a Neutral rating on the shares. The firm said its Q3 door hardware checks pointed to relatively solid end-market demand, with modest volume growth and solid pricing traction and with worries about non-res hurting sentiment, they wouldn’t be surprised to see a modest relief rally on in-line results/guidance.