UPDATE: Credit Suisse Upgrades Hexcel Corp. (HXL) to Neutral
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Credit Suisse analyst Robert Spingarn upgraded Hexcel Corp. (NYSE: HXL) from Underperform to Neutral with a price target of $64.00 (from $47.00).
The analyst comments "We are upgrading HXL to Neutral (from Underperform) and raising our TP to $64 ($47 prior). After updating our bottom-up commercial aero revenue build for our latest production estimates and taking up our 2022- 2023 margin assumptions, our 2022-2023 adj. EPS estimates are now 28.8%/44.8% above what appears to be a fairly stale Street consensus. Thus, on our higher forecast, HXL no longer looks super expensive at ~21x P/E multiple/5.3% FCF yield, compared to 30x P/E/4.65% on FY’23 Street consensus. That said, shares are not sufficiently inexpensive to be more constructiv.e"
Shares of Hexcel Corp. closed at $61.37 yesterday.
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