Spirit AeroSystems raised at Wolfe Research on positive set-up
They told investors that they are raising the stock following"a cascade of derisking" that should set the stock up to work on the expected production upcycle.), 2) reported 3Q results where they derisked '23 FCF and provided an update on op perf, 3) announced a $400M+ potential cash raise to build a cash buffer, and 4) announced a refinancing of their $1.2B '25 debt,"the analysts said.
"When we combine these with improving 737MAX delivery trends, our bullish fleet intentions survey, encouraging commentary from Airbus on contract negotiations, benign 2024 consensus FCF ests and the current share price, we see a positive setup which supports our upgrade." The analysts also noted that SPR"will be keyed to the 737" and that fast-rising deliveries through YE23"will bolster confidence" for production into 2024.
In addition, they stated that their firm's just published Fleet Intentions report further supports the strong demand backdrop that remains supply-side constrained.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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