Loar Holdings initiated with a Buy at Citi

Citi initiated coverage of Loar Holdings with a Buy rating and $64 price target. The company “appears to be in the right place at the right time,” given the macro backdrop for the industry and investor appetite for such assets, the analyst tells investors in a research note. The firm is constructive on Loar’s revenue and earnings visibility, saying global air traffic is set to move beyond 2019 levels, production rates for new aircraft are poised to move significantly higher and defense budgets continue to grow given the perceived threat environment.