Allegion upgraded to Buy from Hold at Vertical Research

Vertical Research analyst Jeffrey Sprague upgraded Allegion to Buy from Hold with a $128 price target. The company appears to have reached an "important inflection point" with its Q3 results, Sprague tells investors in a research note. A seven quarter streak of year-to-year margin declines and a six quarter streak of trailing peer ASSA organically in Americas ended, says the analyst. He is "encouraged" by the focus on margin execution and growth under new CEO John Stone and sees potential for above average earnings growth in 2023.