Spirit Aerosystems (NYSE:SPR) stock is getting a boost on Thursday following an update from Wolfe Research analyst Myles Walton.
That update has the Wolfe Research analyst upgrading shares of SPR stock from a “peer perform” rating to an “outperform” rating. For the record, the analysts’ consensus rating for SPR shares is hold based on 16 opinions.
To go along with that upgrade, Walton set a price target of $34 per share for SPR stock. That represents a potential upside of 47.4% compared to yesterday’s close. It’s also above the analysts’ consensus price prediction of $28.07 per share.
Why The Bull Stance on SPR Stock?
Here’s what the Wolfe Research analyst said about Spirit Aerosystems in a note to clients obtained by Seeking Alpha.
“While Spirit (SPR) may not be fully out of the woods, what they have accomplished over the last month combined with a still strong environment (and in some places like Max deliveries getting stronger) gives us the confidence to step in at the current levels.”
Other Spirit Aerosystems news worth mentioning today includes a senior note offering. The company has priced 3.250% Exchangeable Senior Notes due 2028 in a private offering. The company expects net proceeds of $194.5 million from this offering.
SPR stock is up 5.2% as of Thursday morning with 2.1 million hares traded. The company’s daily average trading volume is about 4.3 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
