Hexcel price target lowered to $80 from $85 at RBC Capital

RBC Capital analyst Ken Herbert lowered the firm’s price target on Hexcel to $80 from $85 after its Q3 earnings miss but keeps an Outperform rating on the shares. The story of the quarter was the lower than expected margins, with gross margins of 21.8%, and adjusted operating margins of 10.2%, and the management’s discussion on the 3Q23 margins was “slightly disappointing”, but the firm continues to see significant growth in Aerospace sales, the analyst tells investors in a research note.