![]() ![]() On June 11, Jefferies raised the target price to $30 from $21. However, it is good to buy at the current level for the short-term as 50-day Moving Average and 20-50-day MACD Oscillator signals a buying opportunity. ![]() The average price target represents a 1.78% increase from the last price of $23.58, according to Tipranks. Ten analysts forecast the average price in 12 months at $24.00 with a high of $40.00 and a low of $14.00. On Tuesday, Spirit AeroSystems shares closed 13.34% down at $23.58. Further suspensions or reductions in our production rates for the B737 MAX as well as our other programs, as a result of the COVID-19 pandemic, may have a material adverse impact on our business, financial condition, results of operations, and cash flows.” Spirit AeroSystems outlook “Our business depends, in large part, on sales of components for a single aircraft program, the B737 MAX. The COVID-19 pandemic presents the potential for impairment charges and increased bad debt expense provisions, which could negatively impact the company’s results, the company added. The COVID-19 pandemic along with the B737 MAX grounding presents significant challenges to Spirit’s liquidity. “Given the substantial production plan reduction, Spirit could breach the financial covenants under its credit agreement in the fourth quarter of 2020 without an amendment or waiver,” the company said in the SEC filing. ![]() The company which manufactures several key pieces of Boeing, including the fuselage of the 737, portions of the 787 fuselage, and the cockpit section of the fuselage of nearly all of its airliners, said that it anticipates to hand over only around 70 shipsets, down from over 120 planned previously. However, Spirit cautioned that it may have an adverse impact on the financial condition of the company. Boeing Company, an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide, said that it has asked its biggest part supplier to substantially lower 737 Max production this year. ![]()
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