UPDATE: Deutsche Bank Lowers PT on LMI Aerospace Following Weak 1Q, Favorable End-Market Exposure

In a report published Wednesday, Deutsche Bank analyst Myles Walton reiterated a Buy rating on LMI Aerospace

, but slightly lowered the price target from $25.00 to $24.00. In the report, Walton noted, “Underlying EPS of 30c was below our 35c est. and consensus of 34c. Total EBIT of $6.1M was well below our $10M+ estimate. Engineered Services margins fell to 2.3% on the back of weaker execution and higher SG&A in the segment. Aerostructures was also weaker than we were expected. Guidance was brought down and fcf was worse than expected. On the whole it was a pretty weak Q, with execution concerns putting the company back in the penalty box until a better track record can emerge [likely 2H'13]. Despite this, we're sticking with our Buy rating on favorable end market exposure and solid DD earnings growth in '14 if mgmt can reverse recent execution trends.” LMI Aerospace closed on Tuesday at $19.81.