UBS downgraded Hexcel to Neutral from Buy with a price target of $72, down from $87. The firm sees near-term cost trends continuing and tough comps in 1H24, and says its margin estimates have been “too optimistic,” the analyst tells investors in a research note. In addition, the raw material, energy, and labor tailwinds UBS expected in 2024 do not appear to be materializing, and the firm sees limited upside to consensus and a potentially “lumpy” 1H24.
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