ATI's Promising Growth Trajectory and Strategic Aerospace Partnerships Drive Buy RatingWe expect that ATI may exceed these levels in C26, especially at HPMC, as utilization rises on fairly new assets. Mgmt offered some C26 end market "color" on the Q3 call. E.g. ATI expects its airframe sales +HSD% vs. C25's +1-2%, even though Boeing & Airbus expect to buy less Ti from industry in C26 vs. C25. This is due to ATI's new Airbus/Boeing Ti contracts that confer higher share, mix, and pricing. ATI mgmt would not quantify its planned rate of jet engine sales growth in C26, but we suspect it will exceed the engine OEM targeted unit increase of 15% given lead times & pricing. (2) Other Points - ATI doesn't expect its planned 8-10% increase in Ni melt output, online in H2:26, will dampen its pricing power as the investments are targeted to highly differentiated products.