Howmet falls after GE Aerospace agrees to buy CPP for nearly $12 billion
HWM•Broker views and stock performance
Median price target of 24 brokerages covering GE is $400, while median price target of 23 brokerages covering HWM is $335, according to data compiled by LSEG.
Year to date as of the last close, GE was up 5% and HWM was up 22%.
Howmet falls on GE Aerospace deal for CPP
Shares of aircraft parts maker Howmet Aerospace (HWM.N) were down 5.3% after GE Aerospace (GE.N) agreed to buy castings manufacturer Consolidated Precision Products.
Engine maker GE agreed to buy CPP from investment firms Warburg Pincus and Berkshire Partners for $11.75 billion.
The deal comes a few days after SpaceX (SPCX.O) CEO Elon Musk touted the company's ambitions to start in-house casting of gas turbine blades and vanes.
GE could gain greater control over a key source of precision castings used in jet engines.
