HXL - Hexcel cut at Credit Suisse as pandemic defers long-term growth

Hexcel ([[HXL]] -3.6%) heads lower after Credit Suisse downgrades shares to Neutral from Outperform with a $40 price target, cut from $47, saying the pandemic reversed rising aircraft production rates and put the long-term growth of composite materials penetration "on ice."Delayed aircraft development over a "longer time horizon raises the threat of new entrants and/or new materials competing with HXL for share on whatever airplane comes next," Credit Suisse analyst Robert Spingarn writes.The "widebody-focused" company will be hurt by the lag in international long-haul recovery, says Spingarn, who also lowered his 2022-22 earnings estimates.HXL's average Wall Street analyst rating as well as its Seeking Alpha Authors' Rating are Neutral.

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Hexcel cut at Credit Suisse as pandemic defers long-term growth