Benchmark analyst Josh Sullivan upgraded Spirit AeroSystems (SPR) to Buy from Neutral with a $45 price target. Spirit is often thought of as the "more Boeing way to play Boeing," the analyst tells investors in a research note. Therefore, with growing backlog visibility spurred by recent mega airline orders coupled with an overreaction to Spirit’s "non-standard" installation announcement, "now is the time to play SPR," contends the firm. It says the overreaction on the fitting issue provides an attractive entry point for Spirit’s ramping aerospace long-cycle.
Published first on TheFly
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