Ahead Of The Bell: Goodrich Upgraded

HARTFORD, Conn. (AP) — An analyst upgraded airplane parts manufacturer Goodrich Corp. Wednesday, saying he expects airline travel to improve next year.

Analyst Patrick J. McCarthy of FBR Capital Markets raised his rating on the Charlotte, N.C.-based company to "Outperform" from "Market Perform."

"Last quarter, the company noted that commercial passenger, regional/business travel and cargo markets were still challenging but that its aftermarket business appeared to be stabilizing and incremental end-market data appears to be supporting this as well," he wrote in a client note. "Also, while we are not free and clear from the economic recession's impact on commercial aerospace, signs of a modest recovery in 2010 travel seem to be improving."

McCarthy raised his share price target to $65 from $46. The new target represents a premium of about 22 percent to Tuesday's closing price of $53.09.

Airline capacity is "finally dropping faster than traffic," McCarthy added.