BofA raised the firm’s price target on Allison Transmission (ALSN) to $77 from $67 and keeps an Underperform rating on the shares. Q3 was “another beat and raise,” notes the firm, which raised its 2024 topline estimate by 1% and raised its 2024 adjusted EBITDA estimate 3% following the quarterly report. Allison is a beneficiary of extended vocational truck demand, which is proving more resilient and deserving of a higher multiple, but the firm remains concerned on cycle-to-cycle margin progression, the analyst tells investors.
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