UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Spirit AeroSystems Holdings

In a report published Friday, Jefferies & Company reiterated its Buy rating on Spirit AeroSystems Holdings

, but lowered its price target from $28.00 to $21.00. Jefferies noted, “SPR's Q3:12 results showed improvement in the underlying business, but also displayed the power of poor operating execution. Ex-items, but including the cumulative operating catch-up, EPS were $0.74 vs. Cons. of $0.53 and our est of $0.62. Core programs have operating leverage, and pricing risk seems modest. From a much lower base, shares could still outperform. We continue to rate SPR a BUY.” Spirit AeroSystems Holdings closed on Thursday at $15.99.