UPDATE: SunTrust Starts Wesco Aircraft Holdings (WAIR) at Buy
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(Updated - January 19, 2017 10:11 AM EST)
SunTrust Robinson Humphrey initiated coverage on Wesco Aircraft Holdings (NYSE: WAIR) with a Buy rating and a price target of $18.00.
Analyst Michael Ciarmoli comments "WAIR is one of only two-800 pound gorillas operating within the aerospace distribution market. The company’s ongoing operational improvements lead us to believe its overall financial performance and metrics can continue to improve throughout F17. Moreover, aggressive inventory management and supply chain optimization efforts are helping to produce 90-95% free cash flow conversion. Although risks are present in the commercial aerospace cycle, we think the company’s upstart commercial aerospace aftermarket MRO business coupled with an improving military spending environment will act as potential offsets. Specifically within the military market we believe the new administration's desire to reduce overhead and cut costs could be beneficial to WAIR's broader portfolio of third-party logistics management solutions."
Shares of Wesco Aircraft Holdings closed at $14.85 yesterday.
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