UPDATE: Cowen Upgrades Howmet Aerospace Inc. (HWM) to Outperform
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Cowen analyst Gautam Khanna upgraded Howmet Aerospace Inc. (NYSE: HWM) from Market Perform to Outperform with a price target of $30.00 (from $21.00).
The analyst comments "We're upgrading HWM to Outperform from Market Perform ($30 PT; 14.4x EV/EBITDA). Q3 sales/EPS marks a trough, "2nd derivatives" will improve (vaccine; Max re-cert), & HWM has a strong price/cost narrative. Our timing isn't ideal (stock up 20%+ post vaccine news), but aero OE multiples likely have a higher floor, relative valuation is attractive, & we'd use weakness as a buying opportunity."
Shares of Howmet Aerospace Inc. closed at $23.00 yesterday.
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