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HWM · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Howmet Aerospace Inc. (HWM) stock moving?
Howmet's Q3 2026 report on Oct 29 was strong: revenue rose 29% to $2.703B (25% organic), adjusted EPS was $1.46, adjusted EBITDA margin expanded 310 bps to 32.5%, and full-year 2026 guidance was raised. The company added a $5B buyback authorization, bringing the total to $5.397B, and lifted the quarterly dividend 17% to $0.14. It also guided 2027 revenue to about $11.5B, up roughly 12%. The stock rallied from about $199 open on Oct 29 to a $225.55 intraday high on Nov 3 and closed at $219.05 on Nov 10, about 18% above the Oct 23 low of $185.78. Volume has been moderate since the earnings day (5.83M shares on Oct 29, 4.37M on Nov 10), with no sign of distribution. Analyst coverage is mixed. KeyBanc upgraded to Overweight with a $237 target, and Jefferies, BTIG, JPMorgan, Susquehanna, BNP Paribas, Deutsche Bank and Alembic all cut targets, to values from $250 to $350. The news does not state the reasons for the cuts. Every published target sits above the current price, but the cluster of cuts after a beat-and-raise quarter tempers the upside case. No scheduled catalyst appears in the news window.
News behind the analysis
- Howmet Aerospace Stock Rises as Earnings Beat, Guidance Hike, Buyback Boost SentimentHowmet beat earnings estimates and raised guidance, and the board added a $5 billion buyback authorization. Management highlighted healthy aerospace and defense demand.
- Howmet Exec Says Major Gas Turbine Customers State 2031 Capacity Is Now Sold Out And 2032 Will Likely Be Sold Out In Next One Or Two QuartersA Howmet executive said major gas turbine customers report 2031 capacity is sold out, with 2032 likely to follow within one or two quarters.
- Keybanc Upgrades Howmet Aerospace to Overweight, Announces $237 Price TargetKeyBanc upgraded Howmet from Sector Weight to Overweight and set a $237 price target. The upgrade reflects a more positive outlook for the company.
- KeyBanc Upgrades Howmet Aerospace to OverweightKeyBanc raised its rating on Howmet from Sector Weight to Overweight, citing a positive shift in its outlook.
- This Twilio Analyst Is No Longer Bearish; Here Are Top 5 Upgrades For TuesdayAnalysts upgraded Howmet among four other companies and raised targets. Another analyst moved Aon to Market Perform.
- Alembic Global Adjusts Price Target on Howmet AerospaceAlembic Global cut its Howmet price target to $314 from $376.
- JPMorgan Adjusts Price Target on Howmet Aerospace to $285 From $350JPMorgan lowered its Howmet price target from $350 to $285 after the third-quarter report.
- Jefferies Maintains Buy on Howmet Aerospace, Lowers Price Target to $350Jefferies kept its Buy rating on Howmet and lowered its price target to $350 from $370.
- BTIG Maintains Buy on Howmet Aerospace, Lowers Price Target to $280BTIG kept its Buy rating on Howmet and cut its price target to $280 from $340.
- BNP Paribas Maintains Outperform on Howmet Aerospace, Lowers Price Target to $250BNP Paribas kept its Outperform rating on Howmet and lowered its price target to $250 from $310.
About Howmet Aerospace Inc.
Howmet Aerospace, based in Pittsburgh, makes engineered metal parts such as jet-engine components, aerospace fasteners, structural parts and forged aluminum truck wheels, using nickel, titanium, aluminum and cobalt. It spun out of the old Alcoa/Arconic business, and its high-performance engine parts are hard to make, which gives it a strong position as a supplier to big engine and aircraft makers.
How it makes money
Howmet sells parts to aircraft and engine makers, to airlines and repair shops that need spare parts, and to industrial customers. In the first half of 2026, about 68% of revenue came from commercial and defense aerospace. It reports four business units. Engine Products is the biggest, at roughly half of sales (about $1.45B in Q3 2026), and includes parts for gas turbines used in power generation. The others are Fastening Systems (about $630M in Q3 2026, helped by the roughly $1.8B purchase of CAM in April 2026), Engineered Structures, and Forged Wheels for commercial trucks. The company guided to about $10.3B in revenue for full-year 2026.
What usually moves HWM
- Commercial aircraft production rates at Boeing and Airbus
- Demand for engine spare parts as airline flight hours grow
- Gas turbine demand for power generation, including data centers
- Defense spending
- Commercial truck build cycles and costs of nickel, titanium and other metals