Analyst Note
| Brian Bernard, CFA, CPA |We're maintaining our $132 per share fair value estimate for shares of wide-moat-rated Allegion following the firm's first-quarter 2022 earnings release. As discussed in our April 22 analyst note, we had previously raised our fair value estimate 5% to account for Allegion's pending acquisition of Stanley Black & Decker's access technologies business. While management hasn't yet included the acquisition (which is expected to close during the third quarter) in its full-year 2022 financial guidance, we've included it in our valuation model.