HXL - Hexcel Has Bounced On Bullish Aerospace And Commodity Sentiment

• Hexcel shares have outperformed since my last update, helped by improving sentiment for aerospace plays and commodity/material companies.
• The wide-body destocking trend isn't over yet, but Hexcel should be past the worst in terms of revenue and margin performance, and air travel, aircraft production, and orders/revenue/margin should rebound.
• Improving the non-aero business would be a help, but most of the applications out there today are niches.
• Hexcel shares don't look undervalued at today's level.

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