UPDATE: Wedbush Upgrades Hexcel; Raises PT

According to a research report published this morning, Wedbush has upgraded Hexcel

from Neutral to Outperform, and has increased PT from $25 to $32. In the report, Wedbush commented, "Hexcel posted a very strong 1Q 12, with EPS of $0.39 relative to our consensus estimate of $0.33. The sales growth in commercial aerospace at 23% surpassed the high-end of our expectations. Defense and Space sales grew by just 6.5%, while industrial revenues were up 34%. Legacy commercial aircraft programs grew over 20%, more than we expected. New programs (A380, A350, 747-8 and 787) grew over 20%, as we expected. The A380 was the key driver in the quarter." Hexcel closed yesterday at $26.29.