As previously reported, Wolfe Research upgraded Spirit AeroSystems (SPR) to Outperform from Peer Perform with a $34 price target following what the analyst calls “a cascade of derisking that should set the stock up to work on the expected production upcycle.” Over the last month, Spirit has signed a favorable MOA with Boeing (BA), reported Q3 results where they derisked FY23 FCF and provided an update on operating performance, announced a $400M-plus potential cash raise to build a cash buffer, and announced a refinancing of $1.2B in 2025 debt, notes the analyst, who adds that Airbus (EADSY) comments were also “encouraging.”
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