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Wedbush Downgrades Hexcel

Wedbush downgraded reinforcement products maker Hexcel Corp. (HXL) to hold from buy.

Analyst Al Kaschalf says although Hexcel is experiencing strong demand for composite materials from a strong commercial aerospace cycle, he thinks the stock's recent price movement reflects this.

He notes Hexcel has gained about 80% over the last 12 months, including about 20% year-to-date. He says while new aircraft orders at the recent Paris Air Show were strong, he notes "scheduled deliveries" are what drives Hexcel's aerospace business.

Lastly, Kaschalf is cautious about further margin improvement given additional carbon fiber capacity (lower margin business) scheduled for 2006. He sees 81 cents 2005 earnings per share, and $1.02 2006 earnings per share.

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