BofA raised the firm’s price target on Howmet Aerospace (HWM) to $135 from $100 and keeps a Buy rating on the shares. The firm anticipates the orderbook outlook for Howmet products to remain “robust for years to come” given recent years of OEM underproduction, increased demand for spare engine parts, and record backlogs, the analyst tells investors. The firm raised its relative multiple to reflect the strengthening defense demand and exposure to nuclear demand through IGT turbine blades, the analyst noted.
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