Jefferies analyst Sheila Kahyaoglu initiated coverage of Howmet Aerospace with a Buy rating and $50 price target. Howmet is an engineered material supplier technology leader with 85% of sales from first and second market share positions, capable of net price realization that supports mid-20% adjusted EBITDA margins and 100% free cash flow conversion in out years, the analyst tells investors in a research note. The firm estimates 2025 revenue of $7BB, growing 7% annually from 2022, underpinned by the aerospace recovery. Its upside case is $70 per share on a multiple re-rating.
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