Hexcel price target lowered to $64 from $77 at Wells Fargo

Wells Fargo lowered the firm’s price target on Hexcel to $64 from $77 and keeps an Equal Weight rating on the shares. The selloff in the shares seems overdone to the firm, as Wells thinks Q3 margin weakness mainly represents hiring ahead of demand as Hexcel prepares for a production ramp still to come, similar to others in the industry.