Global Aerospace & Defense

While we are still positive on commercial aerospace, we are looking to tactically adjust our weightings as the year progresses and add to OEM positions vs the aftermarket. With potentially more Fed related volatility ahead, this could present opportune entry points, particularly for the more volatile names in our coverage. Similarly with bizjet, if investors overreact to a negative book to bill in 2024 that could present an opportunity for those names. In defense, we’re not seeing a lot of absolute upside or downside for most stocks – so that could result in another year of relative underperformance in a more bullish equity environment.

Top Picks

BAE Systems

BA-GB

TransDigm

TDG-US

Coverage

For latest research, ratings, and estimates, please access our client research portal.

RR-GB

Hold
Hold
Hold
Rolls-Royce

DRS-US

Buy
Buy
Buy
Leonardo DRS

TXT-US

Hold
Hold
Hold
Textron

BA-GB

Buy
Buy
Buy
BAE Systems

LMT-US

Hold
Hold
Hold
Lockheed Martin

RTX-US

Buy
Buy
Buy
RTX Corporation

TDG-US

Buy
Buy
Buy
TransDigm

HXL-US

Buy
Buy
Buy
Hexcel

NOC-US

Hold
Hold
Hold
Northrop Grumman

BBD.B-CA

Hold
Hold
Hold
Bombardier

GD-US

Buy
Buy
Buy
General Dynamics

HWM-US

Buy
Buy
Buy
Howmet Aerospace

LHX-US

Buy
Buy
Buy
L3Harris Technologies

SAF-FR

Buy
Buy
Buy
Safran

MTX-DE

Buy
Buy
Buy
MTU Aero Engines

HEI-US

Buy
Buy
Buy
HEICO Corporation

HII-US

Buy
Buy
Buy
Huntington Ingalls Industries

SPR-US

Hold
Hold
Hold
Spirit AeroSystems

AIR-FR

Buy
Buy
Buy
Airbus

BA-US

Hold
Hold
Hold
Boeing

GE-US

Hold
Hold
Hold
GE Aerospace