美国航空航天与国防：每周展望

EDM (%)Restricted -External U.S. Aerospace & DefenceNEUTRALU.S. Aerospace & DefenseDavid Strauss+12125265580(43.8)BCI, USJoshua Korn+12125263283joshua.korn@barclays.comBCI, USSrividya Vinjamuri+12125267536srividya.vinjamuri@barclays.comBCI, USBenjamin Tomick+1212526892617,167.7BCI, US We have four OWs in Aerospace(ATI/BA/GE/HWM)FIGURE 1. Potential Price Target Upside from Current Prices - AerospaceTickerRatingHXLEWTGIEWTDGEWSPREWBAowGEowHEIEWATIowWWDEWHWMowBBDUWStock Rating: OW = Overweight; EW= Equal Weight; UW = Underweight. Industry view: Neutral. For fulldisclosures on each covered company, including details of ourcompany-specific valuation methodology and risks, please refer to http:/ /publicresearch.barcap.comSource: Barclays Research and Bloomberg. BBD price target is CAD. Pricing as of 7/1o/25.We have one OW in pure-playdefense...LHXFIGURE 2. Potential Price Target Upside from Current Prices - DefenseTickerRatingLMTEWLHXowNOCEWHIIEWBWXTUWStock Rating: OW = Overweight; EW= EcNal weght; UW = Underweight. Industry view: Neutral. For full disclosures on each covered company, including details of ourcompany-specific valuation methcod risks, please refer to http:/publicresearch.barcap.comSource: Barclays Research and Blobel ricing as of 7/10/25....and GD/TXT in aero-defensehybridsFIGURE 3. Potential Price Target Upside from Current Prices - Aero-Defense HybridsTickerRatingIXIowGDowRTXEWStock Rating: OW = Overweight; EW= Equal Weight; UW = Underweight. Industry view: Neutral. For full disclosures on each covered company, including details of ourcompany-specific valuation methodology and risks, please refer to http:/ /publicresearch.barcap.comSource: Barclays Research and Bloomberg. Pricing as of 7/10/25.11July2025 Market Cap ($B)Current PricePrice TargetUpside/ (Downside)109.3$464$51511%49.2$260$255-2%74.5$514$500-3%910.1$258$235-9%12.5 7$136$105-23%ecMarket Cap ($B)Current PricePrice TargetUpside/ (Downside)15.7$85$9511%82.3EOE$$285-6%197.9$146$130-11% Within Gov Services, we have Owratings on CACI/LDOSFIGURE 4.Potential Price Target Upside fromCurrent Prices -Government ServicesTickerRatingBAHEWCACIowLDOSowSAICEWStock Rating: Ow = Overweight; EW= Equal Weight; UW = Underweight. Industry view: Neutral. For full disclosures on each covered company, including details of ourcompany-specific valuation methodology and risks, please refer to http:/ /publicresearch.barcap.comSource: Barclays Research and Bloomberg. Pricing as of 7/10/25Within Space, we have an Ewrating on LUNRFIGURE 5. Potential Price Target Upside from Current Prices - SpaceTickerRatingLUNREWVOYGEWcompany-specific valuation methodology and risks, please refer to http://publicresearch.barcap.comSource: Barclays Research and Bloomberg. Pricing as of 7/10/25.11July2025 Corporate Events in Q2FIGURE 6. Corporate Events in Q2DateEventGD16-AprG800 earns FAAand EASAcertificationLMT17-AprEvan Scott appointed as CFOHEILaurans Mendelson transitioned to Executive Chairman, and Eric Mendelson and Victor Mendelson appointed as co-21-AprCEOsHEI21-AprAcquired Rosen Aviation, an aircraft interior display companyBA22-AprAnnounced $10.55B all-cash deal to sell portions of Digital Aviation Solutions business to Thoma BravoATI23-AprUSW ratifies six-year labor agreementSPR27-AprSigns divestiture of assets agreement with AirbusGD/HII30-AprAwarded contract modifications for construction of two additional Block V Virginia Class submarinesATI1-MayGlobal Industry Classification Standard (GICS) code reclassified to Aerospace & DefenseRTX5-MayPratt & Whitney workers went on strikeTDG6-MayMike Lisman appointed as CEOBWXT12-MayMike T. Fitzgerald appointed as interim CFOTDG13-MayIssued s$2.65B of 6.375% 2033 NotesBA14-MayAnnounced Qatar Airways will purchase up to 210 widebody jets, worth s96BBBD14-MayIssued $500M of 6.750% 2033 NotesGE14-MayAnnounced agreement with Qatar Airways for 400+ GE9X and GEnx enginesGD19-MayMarine Draftsman Association UAW reached tentative deal with Electric Boat, preventing strikeTDG19-MayBWXT21-MayAcquisition of Kinectrics is closed21-MayIssued $1.0B of 6.375% 2033 NotesRTX27-MayPratt & Whitney workers ratified new contract, ending strikeLDOS28-MayAcquired Kudu Dynamics for s300M in cashATI28-MayATI signed multi-year agreement with AirbusGD28-MayMarine Draftsman Association UAW at Electric Boat ratified new contractNOC29-MayIssued $500M of 4.650% 2030 Notes and $500M of 5.250% 2035 NotesNOC29-MayAnnounced $50M investment in Firefly AerospaceLMT2-JunUAw workers ratified new contract,ending strikeGE3-JunEntered teaming agreement with Kratos Defense & Security Solutions to manufacture GEK800 engineATI12-JunFacility in Pageland,SC brought online to produce titanium alloy sheetBA12-Jun787 operated by Air India crashed shortly after take-off13-JunATI entered into a revolving credit agreement including a s200M term loan, and a $600M revolving credit facilityBBD13-JunRedeemed $500M of 7.875% 2027 NotesLMT26-JunCompleted acquisition of Amentum's Rapi