Air Transport Services price target raised to $29 from $28 at Truist

Truist analyst Michael Ciarmoli raised the firm’s price target on Air Transport Services to $29 from $28 and keeps a Hold rating on the shares as part of a broader research note titled "Aerospace & Defense 2023 Outlook – We Favor Defense and Aero Aftermarket". The challenges that wreaked havoc last year will continue to influence the sector in 2023, with a potential recession, ongoing supply chain pressures, and COVID recovery trajectory uncertainties warranting a cautious approach, the analyst tells investors in a research note. Investor mindset for 2023 should be focused toward defensive, best-of-breed, high quality, and recessionary-resistant names with a specific focus on relative outperformance, Ciarmoli adds.