Howmet Aerospace price target raised to $60 from $50 at Morgan Stanley

Morgan Stanley analyst Kristine Liwag raised the firm’s price target on Howmet Aerospace (HWM) to $60 from $50 and keeps an Overweight rating on the shares. Howmet’s stock ended the day down about 4% yesterday and the firm views the stock’s underperformance as being driven by high consensus expectations for 2023 and the unexpected margin pressure at Engineered Structures given a plant bottleneck. However, the firm views the move lower as “a particularly attractive opportunity to accumulate shares” given the one-time nature of the operating issue and the continued potential upside once Boeing (BA) and Airbus’ (EADSY) announced production rate increases come to fruition, the analyst says, adding that Howmet remains the firm’s Top Pick in aerospace.