Morgan Stanley analyst Kristine Liwag downgraded Heico to Equal Weight from Overweight with a price target of $172, down from $182. The analyst remains bullish on the continued aerospace recovery post COVID-19. Aircraft scarcity in the midst of strong demand makes aerospace "both a growth and defensive industry in 2023," Liwag tells investors in a research note. The analyst made several rating changes after "scrubbing valuation" heading into 2023.
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Published first on TheFly