Hexcel price target raised to $70 from $60 at Jefferies

Jefferies analyst Sheila Kahyaoglu raised the firm’s price target on Hexcel to $70 from $60 and keeps a Hold rating on the shares. The firm lowered its 2023 EPS forecast "modestly" to $1.80 to reflect labor and inflationary cost pressures, but sees a path to mid-teens margins over the longer term. However, the firm still projects margins 350 basis points below the 18.0% peak reached in 2018 even after another projected step up in 2024 to 14.5%.