Baird upgraded Spirit AeroSystems (SPR) to Outperform from Neutral with a price target of $36, up from $30. The analyst says various catalysts are still in play near term with 2024 representing a “cleaner story” with improved unit economics on Boeing (BA) programs. Spirit’s new interim CEO, Pat Shanahan, is wasting no time in tackling high-urgency problem areas, setting up 2024 as an execution year and improved financial performance, the analyst tells investors in a research note. The firm says Spirit is a turnaround story with a potential path to $50 per share or higher.
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