Deutsche Bank lowered the firm’s price target on ATI (ATI) to $70 from $73 and keeps a Hold rating on the shares. The firm is positive on the original equipment aerospace and defense complex entering 2025, citing improving production momentum at Boeing (BA) exiting the union strike and extensive buffer inventory of engines and clean fuselages to support the ramp. In addition, improved engine availability from CFM International, a joint venture between GE Aerospace (GE) and Safran Aircraft Engine, should support the narrow-body ramp at Airbus, in turn supporting demand pull, the analyst tells investors in a research note. Deutsche thinks the risk/reward profiles look most favorable on Carpenter Technology (CRS) and Howmet Aerospace (HWM) within commercial broadly, but says that if Boeing can continue to build operational momentum, then its return outlook “could be excellent as well.” On defense, Deutsche Bank likes the second, but doesn’t love it.
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