Benchmark analyst Josh Sullivan downgraded Spirit AeroSystems (SPR) to Hold from Buy and removes the firm’s prior price target, based on the assumption that a Boeing (BA) takeout is “at least partially baked into the stock at this point.” However, the timing and execution of Spirit rejoining Boeing is “less clear” due to Spirit’s Airbus (EADSY) related assets, ongoing production issues with the 737-MAX and 787 and Boeing’s “own complex issues,” the analyst tells investors.
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