While trading will remain tough near-term and the threat of Airbus/Boeing production cuts lingers, UBS thinks there are enough green shoots appearing in the rest of Umeco?s end-markets to take a more positive view on the stock long-term.
'The civil aftermarket should improve into 2010 given the recent increase in global flight hours. Formula One/supercars should also have a better year.
'Wind has been tough but China improving helps near-term, while we are also confident of a return to the 15%+ growth rates in Europe in 2010.
'It is tough to think that Marine gets much worse next year, while Umeco?s industrial exposure (machine parts/auto components) should also rebound.'
Story provided by Business Financial Newswire