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RBC downgrades Spirit AeroSystems on supply chain issues
The Fly

RBC downgrades Spirit AeroSystems on supply chain issues

RBC Capital analyst Ken Herbert downgraded Spirit AeroSystems to Sector Perform from Outperform with a price target of $36, down from $38. The analyst believes supply chain issues will continue to be a bigger headwind in 2023 than is expected by many investors and that Spirit will be more impacted than other suppliers. The firm sees risk around incremental working capital and disruption costs for the company and its revised 2023 free cash flow estimate is $50M, which includes the negative $135M pension reimbursement.

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