Cowen Downgrades Hexcel Corp. (HXL) to Market Perform
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Cowen analyst Gautam Khanna downgraded Hexcel Corp. (NYSE: HXL) from Outperform to Market Perform with a price target of $40.00 (from $43.00).
The analyst commented, "We are downgrading our rating on HXL's stock to Market Perform from Outperform, with a $40 PT (20x ballpark C21E P/E). The severity of likely aero OE production rate cuts renders the stock "dead money" at best, at least until a lower EPS bound can be established with conviction."
Shares of Hexcel Corp. closed at $35.80 yesterday.
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