Spirit AeroSystems (NYSE:SPR) Has More Upside Than Downside in 2011 Says FBR

After lagging the group in 2010, FBR says Spirit AeroSystems (NYSE:SPR) should generate more upside than downside in 2011.

FBR says, "For most of the past year, Spirit Aerosystems has been trading at a discount to the group but as we head into 2011 we think that there is considerably more upside then downside from current levels. Currently, SPR is trading at a roughly 20% discount to the group which we think overly discounts the operational risks associated with SPR’s development programs, which we think has been the Street’s primary concern. We like the company’s position ahead of upcoming aircraft production rates increases, however, as well as the initial ramp in B787 production."

FBR Capital maintains an "Outperform" rating on Spirit AeroSystems (SPR), which closed Tuesday at $23.93, gaining $0.24, or 1.01 percent. FBR raised their price target on AeroSystems from $26 to $30.