Davenport Upgrades Spirit AeroSystems (SPR) to Buy
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Davenport upgrades Spirit AeroSystems (NYSE: SPR) from Neutral to Buy. Price target $20.
Davenport analyst says, "In our initiation report dated December 17, 2008, we laid out our investment thesis that Spirit was trading on a worst-case scenario of drastic cuts in Boeing 737 (NYSE: BA) buildrates and negative 787 headlines. Our model took into account modest production rate cuts on both the 737 and A320 aircraft starting in 2010, yet we were still able to drive ’09 EPS of $2.23 and ’10 EPS of $2.16. However, given the whirlwind of negative news in mid-December, we took a wait-and-see approach on applying a target price for fear of being blindsided by a Boeing year-end surprise. While we do expect Boeing to face headwinds in the coming year, we no longer believe Boeing or Airbus will risk production cuts of the magnitude contemplated in Spirit’s current pricing, and as such are comfortable in applying a target price of $20."
Spirit AeroSystems Holdings, Inc. (Holdings) commenced operations, through the acquisition of The Boeing Company’s (Boeing) operations in Wichita, Kansas, Tulsa, Oklahoma and McAlester, Oklahoma (the Boeing Acquisition).
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