RBC downgrades Dowlais to 'sector perform' as American Axle deal nears close
Shares of British auto parts supplier Dowlais DWL.L marginally down at 76.75p
RBC Capital Markets downgrades stock to "sector perform" from "outperform"
Earlier this year, co announced it will be acquired by U.S. rival American Axle & Manufacturing AXL.N in a $1.44 billion deal, which is expected to close in the fourth quarter
Brokerage believes American Axle’s offer likely undervalues Dowlais, but with the deal in place for over six months and a Q4 close still expected, sees completion as the most probable outcome
Brokerage raises PT to 77p from 70p, which is in line with the stock's last close on Monday
Average rating from seven analysts is "hold"; median PT is 74p - data compiled by LSEG
As of last close, DWL stock is up nearly 14% YTD
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