KeyBanc raised the firm’s price target on AAR Corp. (AIR) to $109 from $93 and keeps an Overweight rating on the shares. The firm cites higher estimates and multiple expansion. Post its proprietary Q4 2025 Plane Chain survey of aerospace suppliers, KeyBanc sees a meaningful step-up in A&D OEM order activity post a period of destocking and subdued OEM build rates. The firm’s 2026 and beyond aircraft and jet engine builds expectations are intact, while sector inventories appear more normalized. KeyBanc remains confident on enduring tightness within the A&D aftermarket and strength within Space & Defense.
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