UPDATE: Canaccord Genuity Initiates Coverage on Hexcel on Positive Outlook

In a report published Thursday, Canaccord Genuity analyst Ken Herbert initiated coverage on

with a Buy rating and $46.00 price target. In the report, Canaccord Genuity noted, “We are initiating coverage of HXL with a BUY rating and a $46 price target. HXL should continue to benefit from the secular and cyclical growth for composites in commercial aerospace, with the A350 providing significant late-cycle acceleration. Wind sales should improve off the 1H13 trough, and capital deployment opportunities could provide additional catalysts.” Hexcel Corporation closed on Wednesday at $38.09.