Truist analyst Michael Ciarmoli downgraded Spirit AeroSystems to Hold from Buy with a price target of $25, down from $42, after its Q2 earnings miss. The firm sees structural headwinds to cash generation in 2024 and 2025 and expects the company to downwardly revise its long-term financial targets. Truist further cites the combination of increasing costs, inability to come down learning curves, structurally disadvantaged contracts with OEMs, and future cash repayment obligations driving its downgrade.
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