UPDATE: Goldman Sachs Upgrades Spirit AeroSystems (SPR) to Buy

(updating comment)

Goldman Sachs analyst Noah Poponak upgraded Spirit AeroSystems (NYSE: SPR) from Neutral to Buy with a price target of $58.00.

The analyst comments "The stock has pulled back 50% from just prior to the 737 MAX production halt, while its long-term fundamentals may not have changed much. The MAX situation and the COVID-19 impact to Aerospace both certainly present risk to SPR. But at the current price, we believe risk/reward is now skewed substantially to the upside around those and other inputs. If the MAX and COVID-19 are resolved relatively favorably, SPR could reach $9 / share in free cash in 2023, a 20% yield on today’s price. To us that appears to price in many negative scenarios outside of the tail related to the MAX and COVID-19."

For an analyst ratings summary and ratings history on Spirit AeroSystems click here. For more ratings news on Spirit AeroSystems click here.

Shares of Spirit AeroSystems closed at $44.11 yesterday.

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