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

In a report published Friday, Topeka Capital Markets reiterated its Buy rating on Spirit AeroSystems Holdings 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.