Wedbush Maintains a 'Neutral' on Hexcel (NYSE: HXL); Lowers PT & Estimates

October 27, 2009 9:10 AM EDT

Wedbush maintains a 'Neutral' rating on Hexcel (NYSE: HXL), price target lowered from $12 to $11.

Wedbush analyst says, "Q3 tops our street low estimate by $0.01 after adjusting for one-time benefit and lower effective tax rate. Down volumes were not a surprise but we are not detecting any turnaround, affirming our view that any recovery remains a 2H:10 story. Margin story was slightly below model but challenges could be forthcoming. Capital Expenditures and cash flow management drive free cash flow of $35.9 million during the quarter. Lowering our revenue and EPS estimates to $1.096 billion/$0.61 from $1.111 billion/$0.65 in 2009 and to $1.080 billion/$0.64 from $1.169 billion/$0.73 in 2010. We are lowering our 2011 revenue and EPS estimates to $1.164 billion/$0.75 from $1.233 billion/$0.78."

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