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Investing.com - JPMorgan initiated coverage on Allegion (NYSE:ALLE) with an overweight rating and a price target of $170.00 on Tuesday.
The investment bank cited Allegion’s position as a market leader in commercial and institutional access solutions, highlighting the company’s entrenched specification-driven relationships and expanding capabilities in electronic and software-based security solutions.
JPMorgan’s bullish stance stems from Allegion’s durable specification-driven business model, structural margin strength, and potential long-term upside from electronic adoption and platform leverage.
The firm noted that Allegion’s core revenue is anchored in mechanical door hardware—including locks, closers, and exit devices—that are specified early in the design process for K-12 schools, universities, and healthcare construction projects.
JPMorgan emphasized that with 75% of revenue tied to non-residential sectors and more than 80% generated in the Americas, Allegion’s portfolio demonstrates both resilience and high-margin characteristics that support the positive outlook.
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