HXL - 2 Top Growth Stocks to Buy Right Now and Hold for the Long Term
2023-10-15 06:55:00 ET
If you commit to investing in a couple of stocks for the long term, it's a good idea to put money in companies where you have a high degree of confidence that they will generate profits for years. Given that framework, I think advanced materials company Hexcel (NYSE: HXL) and machine vision company Cognex (NASDAQ: CGNX) are two stocks worth looking at. Here's why.
Hexcel manufactures and sells advanced lightweight composite materials and engineered materials. Its key end market is commercial aerospace (60% of sales), with space & defense also heavily represented (29%). The company also sells into industrial end markets (11%), most notably in the wind power industry.
A look at its key customers frames the case for buying into the stock. Key customers include Airbus (38% of 2022 sales), with Boeing (14%) coming in second. However, Hexcel's content on Airbus and Boeing planes also comes from selling to various aerospace suppliers, including General Electric, RTX , and Spirit AeroSystems , among many others. On the defense side, Lockheed Martin is a key customer, as is Vestas in wind energy .
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2 Top Growth Stocks to Buy Right Now and Hold for the Long Term