UPDATE: Baird Downgrades Spirit AeroSystems (SPR) to Neutral
Baird analyst Peter Arment downgraded Spirit AeroSystems (NYSE: SPR) from Outperform to Neutral with a price target of $29.00.
The analyst comments "We are downgrading SPR to Neutral despite the stock reset as ongoing costs pressures persist for 2023+ tied to the supply chain coupled FCF uncertainty longer-term as forward losses on ramping programs remain a headwind. We still expect SPR to show sequential quarterly gains in profits and FCF, but inflationary pressures have reset our margin assumptions for 2023+ and FCF recovering back to 7-9% of sales beyond 2023 is more challenged. Our price target drops to $29 based on a 9x (unchanged) EV/EBITDA multiple on reduced 2023 estimates."
For an analyst ratings summary and ratings history on Spirit AeroSystems click here. For more ratings news on Spirit AeroSystems click here.
Shares of Spirit AeroSystems closed at $22.25 yesterday.