Morgan Stanley downgraded Hexcel to Underweight from Equal Weight with a price target of $66, down from $70. The firm’s estimates remains below Hexcel’s outlook as it expects a slower aircraft production ramp as a result of continued supply chain challenges and idiosyncratic issues facing Boeing. The shares already trade at a premium to the historical aerospace upcycle multiple, the analyst tells investors in a research note. As such, the firm sees Hexcel’s risk/reward as largely skewed to the downside.
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- Event 1 Description: The company announced that it will host an investor day event on April 22, 2021, from 1:00 PM to 4:00 PM ET. The event will feature presentations from the executive team, focusing on strategic initiatives, financial updates, and long-term growth strategies. Attendees will have the opportunity to ask questions during a live Q&A session. The event will be webcasted live, and a replay will be available for those who cannot attend.
Event 2 Description: The company’s board of directors has approved a new stock repurchase program, authorizing up to $500 million in buybacks. In addition to any unspent amount authorized, this new program adds to the remaining funds from their 2018 program, allowing stock repurchases through various market transactions. Details and replays of the event are accessible on the company’s investor relations website, with the assurance that this information is not formally filed for regulatory purposes.
- Hexcel announces additional $300M share repurchase program
- Hexcel sees 25% adjusted annual earnings growth through 2026
- Hexcel to hold virtual investor day
- Hexcel price target raised to $75 from $65 at BofA
