JPMorgan analyst Michael Gambardella downgraded Haynes International to Neutral citing the recent rally in the shares and his lowered earnings estimates due to weaker aerospace demand. Haynes has little exposure to infrastructure demand and is more exposed to aerospace, Gambardella tells investors in a research note. He says that while Steel stocks are up 20% on average following the Trump election victory, "not all steel stocks have the same positive exposure to a Trump administration." The analyst lowered his price target for Haynes shares to $39 from $47.