BA - Why Shares of Astronics Are Up Today
Shares of Astronics (NASDAQ: ATRO) were trading up by about 11% as of 11:30 a.m. Monday, benefiting from a pair of analyst upgrades delivered on Friday. The aerospace-industry supplier was hit hard by both the coronavirus pandemic and the grounding of Boeing 's (NYSE: BA) 737 MAX, but should benefit from a gradual normalization of the aviation sector once the pandemic is brought under control.
Astronics' shares as of late October had lost more than 75% of their value year to date. The company supplies a range of components for the 737 MAX and does a lot of work refurbishing aircraft interiors. Passenger travel may have rebounded somewhat from its earlier depths, but still, less than half as many travelers are boarding planes each day now as did so in November 2019. So airlines have a lot less money available for interior upgrades.
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Why Shares of Astronics Are Up Today