03:05 PM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of $60, up $2, reflects a 22x multiple of projected '25 EPS, in line with HWM's recent historical forward average. We lift our '24 EPS estimate by $0.24 to $2.39 and '25's by $0.09 to $2.72. Q1 EPS of $0.57 vs. $0.42, beat the consensus view by $0.05. Q1 revenues rose 14%, and with EBITDA margins widening by 150 bps, EBITDA rose 21%. Commercial aerospace revenues grew at a robust 23% in Q1. HWM is benefiting both from new aircraft deliveries at OEMs as well as rising demand for spares, given production woes at the OEMs. HWM guided to a production cadence of 20 per month on the 737 MAX, which is closer to our view than that of Boeing (BA 179 **), but HWM also thinks wide-body production cadence will improve in 2H 24. However, we remain wary on wide-body deliveries as well. Shares are up 45% YTD, well ahead of the 9% gain for the larger Aerospace & Defense universe, and we think this implies growth rates outstripping those of the OEMs themselves, which we do not see as sustainable.