Howmet Aerospace (HWM) Stock Drops 8% on SpaceX News. Wall Street Says Buy It
TLDR
- HWM stock rose 3.5% Tuesday after two Wall Street banks called Monday’s 7.5% selloff an overreaction
- Citi placed HWM on a 30-day upside catalyst watch, maintaining a Buy rating with a $329 price target
- Bernstein raised its price target to $328 from $248, keeping an Outperform rating
- SpaceX plans to cast its own turbine blades for a 20GW AI data center project in Bastrop, Texas by end of 2027
- Howmet holds supply agreements with major turbine makers through 2030 and is already expanding capacity
Howmet Aerospace (HWM) bounced back Tuesday, climbing 3.5% in morning trading after Citi and Bernstein both argued that Monday’s sharp drop was a buying opportunity rather than a sign of lasting damage.
HWM closed Monday at $244.95, down about 7.5% after Elon Musk revealed that SpaceX plans to manufacture its own gas turbine blades and vanes at a new facility in Bastrop, Texas. The move spooked investors who have watched Howmet’s gas-turbine revenue grow 39% in Q1 after a 25% rise in 2025.
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