Howmet Aerospace Inc. (HWM) Highlighted as Top Pick at Cowen
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Cowen analyst Gautam Khanna reiterated an Outperform rating and $30.00 price target on Howmet Aerospace Inc. (NYSE: HWM) highlighting the company as his Best Commercial Aerospace Idea for 2021. The analyst believes EPS will near $2 by C23+, which is close to the pre-COVID run rate, even as aero OE rates remain below C19 levels.
The analyst stated "HWM is a cost reduction play with pricing power & improving demand (truck wheels;abating aero de-stock; defense), items that augur strong incrementals in H2:21+. The stock has re-rating upside, as investor awareness expands (it's a recent spin-off), & both mid and large cap investors ($11B cap) engage the last remaining aero OE play in this cap range."
Shares of Howmet Aerospace Inc. closed at $25.37 yesterday.
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