Buckingham upgrades shares of Spirit AeroSystems Holdings, Inc. SPR to Neutral from Underperform and raised its price target form $44 to $41.
"The 27%/(27)% upside/downside in our best/worst case scenario is not compelling to remain short and we see insufficient downside relative to our $44 target to maintain an UNDERPERFORM," the note said. "Although we retain our negative Aerospace OE view (as we think the cycle is rolling over) and continue to expect below consensus EPS/FCF, our NEUTRAL rating for SPR reflects our view that we don't see negative catalysts materializing until year end or early 2017."
Shares rose more than 1 percent to $46.23 on Thursday.
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