REAL-TIME GLOBAL RESEARCH
2Q26 A&D Preview & Ratings Restack
Research evidence excerpt
2Q26 A&D Preview & Ratings Restack
Idea
July 15, 2026 05:20 AM GMT
Morgan Stanley & Co. LLCMAerospace & Defense | North America Kristine T Liwag
Equity Analyst
2Q26 A&D Preview & Ratings Kristine.Liwag@morganstanley.comJason T Holcomb +1 212 761-2980
Research Associate
Jason.Holcomb@morganstanley.com +1 212 761-5592
Restack Justin M Lang
Justin.Lang@morganstanley.com +1 212 761-6251
A&D fundamentals remain constructive heading into 2Q26 Gabrielle Knafelman
earnings, but recent volatility and valuation changes demand ResearchGaby.Knafelman@morganstanley.comAssociate +1 212 761-4838
greater selectivity across our coverage. We remain positive on Shaina C Zuber
commercial aerospace and Defense. We downgrade LOAR and ResearchShaina.Zuber@morganstanley.comAssociate +1 212 761-6353
TDG to EW and CAE and VOYG to UW.
Aerospace
North America
Key Takeaways Industry View Attractive
Defense
Commercial aero AM demand remains durable despite recent volatility; supply/ North America
Industry View Attractive
demand imbalance, low retirements, & engine shop visits support pricing &
Space Technology
growth. North America
Boeing production continues to gain momentum: with 737 MAX at 47/mo, focus
What’s Changed
turns to rate stability, 737-7/10 certification, 777X progress & 787 production
VSE Corp (VSEC.O) From To
ramp. Price Target $245.00 $230.00
In Defense, the market underestimates a ~$1.1tn FY27 base budget, as supply Honeywell Aerospace Inc
chain de-bottlenecking and credible missile capacity expansion unlock upside. (HONA.O) From To
Price Target $255.00 $235.00
Space offers a catalyst-rich outlook: book-to-bill, launch milestones, and NASA’s
Loar Holdings Inc (LOAR.N) From To
commercial ISS procurement should separate winners. Rating Overweight Equal-weight
The English excerpt is extracted automatically from the cited source page and may contain layout or recognition errors. It is never batch translated.
Open report viewer