Aero & Defense Weekly Recap

Research evidence excerpt

Aero & Defense Weekly Recap

TD SECURITIES (USA) LLC WEEKLY REPORT

June 18, 2026

■Aerospace & Defense Electronics: Aero & Defense Weekly Recap

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Gautam Khanna THE TD COWEN INSIGHT

617 946 3978

This note aggregates some observations from the week in A&D. Enjoy the long weekend!

gautam.khanna@tdsecurities.com

Ed Keller (1) Macro / Aero - U.S. & Iran signed their MOU early (6/17, vs. scheduled 6/19 date in

214 406 7726 Switzerland), and 3 Saudi tankers reportedly exited the Strait within hours. Fuel/Oil prices

ed.keller@tdsecurities.com

continue to fall (Badger Jet Fuel $2.59, Brent Crude & WTI sub-$80), positive news for airlines &

Anton Rinnert A/M-levered names. Airbus opened a second modernized A320 final assembly line focused on

646 562 1455 the A321neo. This should support the A320 ramp to 75/month, though Airbus indicated it is still

anton.rinnert@tdsecurities.com seeing Pratt GTF engine delays. 787 seat certs continue to cause delayed deliveries, & engines

Chuka Isioji remain a watch item, possibly impacting the timing of an increase to 10/month. TDG stands

646 562 1345 out as a relative value, especially given sanguine A/M data points (GE; HEI)!

chuka.isioji@tdsecurities.com

(2) GD - We hiked our Q2 EPS est. to $4.10 (Street $3.92), on Gulfstream deliveries of 43E vs.

Barrett Taylor prior 39E (+1 G700, +3 G500/G600). Cirium reports 28 QTD. Another 15+ are in pre-delivery test

646 562 1409 flights, which we believe are likely to complete in Q2. G280s ferried from Israel have slowed to

barrett.taylor@tdsecurities.com 4/Q YTD vs. 6/Q in C25 (could impact Q4). Note.

(3) ATI/CRS/Moog Index Flows May Explain Recent Moves - We attribute much of the