UPDATE: Deutsche Bank Color On SPR Downgrade

Deutsche Bank is out with its report today on Spirit AeroSystems

, downgrading SPR from Buy to Hold. In a note to clients, Deutsche Bank writes, "We are lowering our rating to Hold and maintaining our $27 price target, mostly based on the weak 2011 cash flow guidance and lower profitability on future 787 deliveries (0% gross margin vs. ~3.5% previously). Shares currently trade at a ~20% discount to the peer group, which is in-line with its average historical discount. We don't expect closure of that gap given weak cash performance and lower structural margins on 787." Shares of SPR closed Thursday at $24.87, down 0.12% from Wednesday's close.