Truist lowered the firm’s price target on RBC Bearings to $315 from $328 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results in the Aerospace & Defense sector. The setup for commercial aero OEM will be challenged amid well-telegraphed supply chain and production issues, though the aero aftermarket group should see “another strong showing”, with upside to consensus expectations set to unfold, the analyst tells investors in a research note. For the company, Truist has reduced its estimates to reflect a more cautious view on commercial aero OEM build rates while also moderating its industrial revenue growth assumptions given what looks to be a weaker macro backdrop for the second half of 2024.
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