The SMID Point

研报英文原文证据摘录

The SMID Point

Roundup |

Thursday, 25 June 2026 25 Jun 2026 07:00:00 ET

ACCompany | Industry Citi North America Research

+1-212-816-5062

Company

VSE Corp (VSEC.O) - Removing Upside 30-Day Catalyst Watch

We are closing our 30-day Upside Catalyst Watch on VSEC. Since we issued the

CW, the stock has rallied considerably and risk/reward, while still compelling, is

not as unusually and uniquely dislocated as it was a month ago. Our positive CW

was based on buying what we saw as a temporary laggard following thesis

confirming data points such as HEI's off-cycle EPS results and consistent with our

intra-Q view that aftermarket stocks had bottomed in early May (see Time to

Revisit Aftermarket Stocks 5/5/26). We continue to be positive on Buy-rated VSEC

and aftermarket stocks in general into 2Q EPS and will revisit our views across our

coverage in our regular 2Q EPS quarterly preview next week.

Buy | Target price US$230.00

John Godyn

Industry

US Aerospace & Defense - Chart of the Day: LOAR Stands Out As The Only

Aftermarket Stock Buyside Consensus Isn't Bullish On

The fact that positioning has turned bullish on aerospace is not lost on investors

we speak to as we are starting to get questions about whether some of the names

have run too much. We've advocated for buying laggards within an 'Aerospace

First, Defense Next' tactical framework for monetizing the post-conflict pullback

in A&D (see Raising Conviction in Buying Laggards) - and although it's up 35%

from the bottom, LOAR may be one of the last aerospace-focused laggards left

among in our coverage if you look at its valuation multiples vs. trailing 1 and 2 year

averages, performance vs 2025 highs (down ~26%), and Citi's Quant Data on

consensus positioning which flags LOAR as the only commercial aftermarket name