Benchmark upgrades Howmet Aerospace to Buy on recent large orders

Benchmark analyst Josh Sullivan upgraded Howmet Aerospace to Buy from Hold with a $49 price target. The analyst says Howmet’s several recent large aircraft orders support ramping production rates and make the firm "more comfortable" with Street expectations. In addition, the "robust" industry lead times suggest long-cycle ordering continues for the jet engine supply chain, the analyst tells investors in a research note. Further, Benchmark believes the growing long-cycle strength of the industry aircraft order book provides a level of relative strength for Howmet in most macro recessionary scenarios. The firm sees the stock setup as favorable.