Credit Suisse analyst Robert Spingarn raised his price target for Spirit AeroSystems (SPR) to $80 from $74 following the "surprise announcement" that the company had reached a key master pricing agreement with Boeing (BA). The analyst expects shares to be up strongly, followed by profit takers who, once the euphoria wears off, would resume worrying about aerostructures supplier disintermediation and the possible price reductions Spirit AeroSystems may have agreed to down the road. Spingarn reiterates an Outperform rating on Spirit AeroSystems' shares.

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Reports Q1 revenue $16.6B, consensus $15.22B. "Our first quarter results reflect the immediate actions we've taken to slow down 737 production to drive improvements in quality," said Dave Calhoun, Boeing president and CEO. "We will take the time necessary to strengthen our quality and safety management systems and this work will position us for a stronger and more stable future."

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Boeing (BA) is expected to report results on its fiscal first quarter on Wednesday, April 24, with a conference call scheduled for 10:30 am EDT. What to watch... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here