Double downgrade for Heico at BofA

|About: HEICO Corporation (HEI)|By:, SA News Editor

Heico (NYSE:HEI) was downgraded two notches to Underperform from Buy at BofA, which sees weaker than average air traffic growth as a yellow flag of caution for the commercial aerospace cycle.

"We have now seen four consecutive months of air traffic growth below the six year average of 6.4% and three consecutive months of sub-5% growth," wrote analyst Ronald Epstein, who kept his PT at $105.

Air traffic growth from the International Air Transport Association slowed again in May 2019 with only a 4.5% growth in revenue passenger kilometers, a measure of air traffic.

HEI -2.5% premarket

Source: Bloomberg First Word

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