Optimistic Outlook for Howmet Aerospace: Strong Margins, Share Repurchases, and Promising Financial ProjectionsWe raise our '25 EPS by 1% to $3.30, or 4% above the midpt of the $3.13-3.21 guide, w/ >$3.50/sh very much in play from: 1) OE rates ahead; 2) EP margin lift from next-gen cut-over (est +160 bps to 32.4%); 3) Structures sustaining 18%+ margins (est 17.0%); and 4) Repos (est $800MM for sharect -2%). Blue sky '26 EPS of $5 for $200 upside PT. Above Guide. We raise 2025 EPS to $3.30, up 23% y-o-y and 4% above the midpt of the starting guide. As a reminder, 2024 EPS finished +46% y-o-y and 25% above the initial guide. Q1 midpt Adj EBITDA margin guide of 26.9%, +10 bps sequentially and +290 bps y-o-y, then moderates to a full-yr avg of 26.5%, just +70 bps y-o-y.