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LMI Aerospace price target lowered to $16-$17 from $23-$24 at Wells Fargo

Wells Fargo reduced its price target range on LMI after the company reported lowered than expected earnings and reduced its guidance. The firm still sees several positive catalysts for the stock, however, including potential double-digit Aerostructures growth through 2014, rising aerospace OEM build rates and greater outsourcing. It keeps an Outperform rating on the shares.