UPDATE: Sterne Agee Downgrades Spirit AeroSystems Holdings to Neutral

In a report published Friday, Sterne Agee Group downgraded its rating on Spirit AeroSystems Holdings

to Neutral. Sterne Agee noted, “Yesterday's announced pretax charges totaling $590 million tied to six new programs have dramatically changed our investment thesis on SPR. While SPR has healthy content on key ramping aerospace programs, its ability to expand profit levels and generate positive cash over the next several quarters is limited stemming from the profitless ramp of new programs. We have reduced our estimates and outlook for positive cash flow.” Spirit AeroSystems Holdings closed on Thursday at $15.11.