What Happened
Analysts See Buying Opportunity Amid Market Volatility
Howmet Aerospace’s stock price dropped nearly 8% on Monday after SpaceX announced plans to produce its own castings for industrial gas turbines. However, analysts from Citigroup and Bernstein recommend buying the dip, citing Howmet’s long-term agreements and significant market share in the IGT blade castings market. According to the analysts, SpaceX’s decision may actually highlight the upward pressure in the market, and Howmet’s established customer agreements could mitigate any potential risks. This news was first reported by an unknown source.