Spirit AeroSystems (SPR) PT Raised to $35 at RBC Capital
RBC Capital analyst Ken Herbert raised the price target on Spirit AeroSystems (NYSE: SPR) to $35.00 (from $33.00) while maintaining a Sector Perform rating.
The analyst comments "Spirit AeroSystems (SPR) reported adj. 1Q24 EPS of ($3.93) and FCF usage of ($444M). SPR delivered only 44 737 MAXs, down (54%), as Boeing (BA) is no longer accepting any traveled work and production has decreased due to quality issues. SPR continues to refrain from providing 2024 guidance. MAX and 787 production expectations have been lowered to 31/month and now only 55 787s for full-year 2024. We view the merger discussions with BA as most important for the stock as the financial outlook has significantly weakened. We are maintaining our SP rating and increasing our PT to $35."