09:55 AM EDT, 04/25/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month price target by $10 to $155 on a forward P/E of 20x our 2025 EPS estimate, above the three-year average of 18.3x on acquisitions and forecasted margin/sales growth. We lower both our 2024 and 2025 EPS estimates by $0.10 to $7.01 and $7.77, respectively. Q1 sales declined 3.2% Y/Y on lower volumes (tough Y/Y comps), partially offset by acquisitions and favorable FX translation. We note 2023 had a seasonally stronger Q1 than normal due to previously experienced supply chain disruptions and recoveries. Institutional markets remain healthy. Adjusted operating margin expanded 40 bps, despite lower sales, on positive price and productivity. ALLE posted Q1 EPS of $1.55, beating consensus by $0.10. We think ALLE is well positioned for growth in 2024, driven by its electronics business that has grown nearly 30% over the past two years, with the company announcing a partnership with Airbnb to improve and simplify host/guest experiences with ALLE's electronic security products.