Truist analyst Michael Ciarmoli upgraded Howmet Aerospace (HWM) to Buy from Hold with a price target of $74, up from $47. Entering 2024, the firm maintains a positive view of the aerospace and defense sectors and has a more bullish view on the commercial aerospace OEM sector, the analyst tells investors. The firm considers both Howmet and Hexcel (HXL) to be “among two of the highest quality commercial aero OEM plays” and while both trade at premium valuation to peers, the firm believes the premiums are warranted, the analyst tells investors.
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