Needham & Co Bullish Long Term on Hexcel (HXL), Sees Defense Budget Challenges
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Price: $35.32 --0%
Rating Summary:
10 Buy, 1 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 14 | New: 19
Rating Summary:
10 Buy, 1 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 14 | New: 19
Trade HXL Now!
Needham & Company maintained a Buy on Hexcel Corp. (NYSE: HXL) and trimmed its price target to $32.00 (from $33.00).
"We are bullish on the long-term prospects in commercial aerospace given the large backlog of planes to be built," said analyst Michael Lew.
However, Lew thinks Space & Defense is likely to be impacted by budget cuts, and as a result he trimmed 2013 sales estimates to $1,655 million (from $1,736.1 million) and EPS to $1.65 (from $1.71 per share).
"Our 2013 estimate reduction reflects the likely impact from a more pronounced decline in that segment as pre-ordering of wind turbines ahead of the potential expiration of the American Renewable Production Tax Credit(ARPTC) should result in an inventory adjustment in the upcoming year," stated Lew.
For an analyst ratings summary and ratings history on Hexcel Corp. click here. For more ratings news on Hexcel Corp. click here.
Shares of Hexcel Corp. closed at $25.10 yesterday, with a 52 week range of $22.09-$28.01.
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"We are bullish on the long-term prospects in commercial aerospace given the large backlog of planes to be built," said analyst Michael Lew.
However, Lew thinks Space & Defense is likely to be impacted by budget cuts, and as a result he trimmed 2013 sales estimates to $1,655 million (from $1,736.1 million) and EPS to $1.65 (from $1.71 per share).
"Our 2013 estimate reduction reflects the likely impact from a more pronounced decline in that segment as pre-ordering of wind turbines ahead of the potential expiration of the American Renewable Production Tax Credit(ARPTC) should result in an inventory adjustment in the upcoming year," stated Lew.
For an analyst ratings summary and ratings history on Hexcel Corp. click here. For more ratings news on Hexcel Corp. click here.
Shares of Hexcel Corp. closed at $25.10 yesterday, with a 52 week range of $22.09-$28.01.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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