RBC Capital lowered the firm’s price target on Spirit AeroSystems to $22 from $26 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q3 results in Aerospace & Defense. This should be a favorable reporting season for the defense stocks, though commercial OE results will justify continued caution, even with lowered expectations, the analyst tells investors in a research note. The supply chain continues to struggle however, which will result in lower Q3 free cash flow for the company, the firm added.
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