UBS Investment Research has downgraded shares of Spirit AeroSystems stock from Neutral to Sell.
Although Spirit’s stock prices are down significantly, “we believe (Spirit stock) is actually more expensive than it looks,” said UBS analyst David Strauss. Spirit is trading in line with similar companies that are its peers, yet it’s more at risk, the report said. That’s because Spirit is less diverse than its peer companies, it said. Spirit receives 90 percent of its revenues from Boeing “and is subject to execution risk on its development programs, mainly the Boeing 787.”
Spirit stock closed at $10.41 Thursday, down 48 cents. It’s 52-week range is $7.14 to $31.49.
