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UPDATE: Topeka Capital Markets Reiterates Buy Rating, Lowers PT on Spirit AeroSystems Holdings

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In a report published Friday, Topeka Capital Markets reiterated its Buy rating on Spirit AeroSystems Holdings (NYSE: SPR), but lowered its price target to $20.00.

Topeka Capital noted, “Today Spirit held a conference call to discuss $590mm in program related charges, mostly in its Wing segment. While we had expected some charges on certain programs, the magnitude far exceeded even our worst case assumptions. As such, we are significantly reducing our price target to $20, as today's announcement invalidated much of our thesis. However, we are maintaining our BUY rating as we believe its core programs will come back into focus and believe today's sell-off has been overdone.”

Spirit AeroSystems Holdings closed on Thursday at $14.45.

Latest Ratings for SPR

DateFirmActionFromTo
Aug 2018UBSInitiates Coverage OnBuy
Aug 2018Bank of AmericaMaintainsNeutralNeutral
Aug 2018Credit SuisseMaintainsOutperformOutperform

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Posted-In: Topeka Capital MarketsAnalyst Color Price Target Analyst Ratings

 

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