Allegion price target lowered to $140 from $152 at Wells Fargo

Wells Fargo analyst Joseph O’Dea lowered the firm’s price target on Allegion (ALLE) to $140 from $152 and keeps an Equal Weight rating on the shares. The firm thinks initial 2025 guidance in the space will drive negative revisions in consensus estimates. Recent dollar strength is a large driver of the headwind, Wells adds, noting that it believes currency pressure is largely appreciated, so initial guidance ranges below consensus shouldn’t come as a big surprise.