UPDATE: Bank of America Initiates Coverage on Haynes International with Buy Rating, $56 PT Ahead of Anticipated Growth in Jet Engine Market

In a report published Tuesday, Bank of America analyst Christopher R. Brown initiated coverage on

with a Buy rating and $56.00 price target. In the report, Bank of America noted, “We initiate coverage of specialty metals producer Haynes International (HAYN) with a Buy rating and a $56 12-month price objective. Commercial aerospace, which accounts for 39% of revenue, is in the midst of a cyclical upcycle with a 6+ year backlog. HAYN is well positioned to grow volumes as its high-temperature alloys allow jet engines to burn hotter, thereby increasing fuel efficiency. Based on BofAML's projections for higher aircraft production, we have conviction that Haynes can grow volume and margins above consensus expectations.” Haynes International closed on Monday at $45.25.