2Q26 A&D Preview & Ratings Restack

研报英文原文证据摘录

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