Howmet Aerospace price target raised to $128 from $123 at Truist

Truist analyst Michael Ciarmoli raised the firm’s price target on Howmet Aerospace (HWM) to $128 from $123 and keeps a Buy rating on the shares. Growth in spares continues to help Howmet mitigate aircraft production rate uncertainty while improved productivity continues to drive elevated incremental margins, the analyst tells investors in a research note. Over the longer term, the management sees overall spares revenue increasing to over 20% of total revenues, up from 11% in 2019, and anticipates this higher base of what should be a more predictable engine shop visits reducing volatility in the model, Truist added.