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Wire

TransDigm's 'Strong' Fiscal Q3 Growth, Margins Validate Business Model, Morgan Stanley Says

TransDigm's (TDG) "strong" organic growth and margin figures in fiscal Q3 demonstrate the continued success of its operating model, Morgan Stanley analysts said in a Thursday note.Analysts said, however, that the stock continues to face pressure from concerns around M&A opportunities and the impact of potential "Right to Repair" legislation.TransDigm may find it difficult to find large-scale acquisition targets that will not face regulatory headwinds, Morgan Stanley said.Analysts said that the nature of the company's portfolio provides protections against "Right to Repair" style legislation, noting it has outsized exposure to products that have relatively low volume per aircraft requirements.Morgan Stanley retained an equalweight rating on the stock, but increased its price target to $1,400 from $1,345.Price: $1253.46, Change: $-1.25, Percent Change: -0.10%

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Wire

TransDigm Investors Focused on Margins, M&A Opportunity Outlook, RBC Capital Markets Says

TransDigm's (TDG) stock decline following strong fiscal Q3 results was surprising, but investors are likely focused on risks associated with the right-to-repair legislation, implied flat fiscal Q4 margins, limited M&A opportunities, and challenging fiscal 2027 aftermarket comparisons, RBC Capital Markets said in a note Wednesday.The company called out flat sales in the freight aftermarket channel, but noted that distributor point-of-sales rose double digits, the investment firm said. The aftermarket results were better than anticipated, even as investors appreciated the relatively easy comparisons, according to the note.TransDigm raised its fiscal 2026 guidance, and RBC estimates implied fiscal Q4 organic revenue growth of approximately 12% and an implied margin of 52.3%. The fiscal 2026 guidance also reflects about 200 basis points of margin dilution from recent acquisitions, the note added.The firm said the company's underlying performance and execution remain strong, but the stock lacks a clear positive catalyst.RBC kept a sector perform rating on TransDigm, with a price target of $1,350.Shares of TransDigm were down 2.1% in Wednesday trading.Price: $1248.66, Change: $-26.39, Percent Change: -2.07%

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Research

Stifel Downgrades TransDigm Group to Hold From Buy, Adjusts Price Target to $1,405 From $1,525

TransDigm Group (TDG) has an average rating of overweight and mean price target of $1,510.39, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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Stocks Rise Pre-Bell Ahead of Latest Round of Earnings; Investors Gauge Uncertainty Over Potential US-Iran Deal
US Markets

Stocks Rise Pre-Bell Ahead of Latest Round of Earnings; Investors Gauge Uncertainty Over Potential US-Iran Deal

US equity futures were tracking in the green on Tuesday as traders await the latest batch of corporate earnings and assess ongoing uncertainty over a potential resolution to the Middle East conflict.The S&P 500 rose 0.2% in premarket activity, while the Dow Jones Industrial Average and the Nasdaq gained 0.3% each. All three main indexes finished Monday trading up, with the Dow notching a record closing high.Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Pfizer (PFE), Spotify Technology (SPOT), Transdigm (TDG), Rockwell Automation (ROK), Archer-Daniels-Midland (ADM), Kimberly-Clark (KMB), BioNTech (BNTX) and DuPont de Nemours (DD) are all scheduled to report their latest financial results before the bell.SpaceX (SPCX) shares were up 2% pre-bell with the rocket and satellite company expected to release its first quarterly results since going public after the markets close, along with Advanced Micro Devices (AMD), Arista Networks (ANET), Amgen (AMGN) and Gilead Sciences (GILD).Palantir Technologies' (PLTR) stock jumped 15% early Tuesday as the company lifted its full-year revenue guidance on the back of stronger-than-expected second-quarter results. Snap (SNAP) climbed 7.3% after the social media company announced second-quarter results above Wall Street's estimates.President Donald Trump reportedly said Monday that the latest round of talks between the US and Iran is the "last chance" for Tehran to "sign a good document." Trump recently called off a planned attack on Iran.However, Iranian Foreign Ministry spokesperson Esmail Baghaei reportedly ruled out an immediate plan to negotiate with Washington. Tehran was in talks with Oman regarding the Strait of Hormuz, the world's most important chokepoint for crude flows, Baghaei reportedly said.West Texas Intermediate crude oil inclined 1.6% to $81.64 a barrel before the opening bell, while Brent advanced 2.3% to $85.66."Hopes of a peace deal in the Middle East weighed on crude prices," D.A. Davidson said in a Monday client note.Treasury yields were trending higher in premarket action, with the two-year rate ticking up 1 basis point to 4.27% and the 10-year rate adding 2.2 basis points to 4.71%.Tuesday's economic calendar has the international trade in goods and services report for June at 8:30 am ET, followed by the Job Openings and Labor Turnover Survey for the same month at 10 am.Gold moved up 0.3% to $4,103 per troy ounce, while bitcoin declined 0.7% to $63,441.

Dow JonesNasdaq CompositeS&P 500$ADM$AMD$AMGN$ANET$BNTX$CAT$DD$GILD$KMB$MCD$MRK$PFE$ROK$SPCX$SPGI$SPOT$TDG
Update: Wall Street Wavers as Oil Slides; Fed Decision, Major Earnings in Focus
US Markets

Update: Wall Street Wavers as Oil Slides; Fed Decision, Major Earnings in Focus

(Updates with market moves at the end of the day.)US stocks ended mixed in what turned out to be a choppy session on Monday as oil prices tumbled, with investors awaiting the Federal Reserve's monetary policy decision and major earnings releases.The Dow Jones Industrial Average rose 0.5% to 52,210.08, while the Nasdaq Composite edged down 0.2% to 24,932.08. The S&P 500 settled just above the flatline at 7,413.18. Most sectors were in the green, led by consumer staples, while energy saw the steepest decline.West Texas Intermediate crude oil was down 8% at $82.19 a barrel in Monday late-afternoon trade, while Brent slumped 9.2% to $87.90.US President Donald Trump told Axios on Monday that the US is in "very deep talks" with Iran, though he said military action could resume if diplomacy fails. His remarks came as the US apparently halted strikes against Iran.Oman is conducting talks with Iran, but Qatar, Pakistan and Egypt are also actively involved in the process, Axios reported."While this is the first tangible signal of de-escalation, the reasons behind it are less clear," ING Bank said in a report. "There's little explanation from the US. Also, it hasn't yet led to any meaningful pickup in vessel flows through the Strait of Hormuz."Treasury yields were lower, with the 10-year rate down 3.2 basis points at 4.65% and the two-year rate falling 1.1 basis points to 4.35%.The Federal Open Market Committee kicks off its two-day policy meeting on Tuesday, with a decision on interest rates due the following day. The probability of the central bank leaving its benchmark lending rate unchanged currently stands at 62%, with the remaining odds in favor of a quarter-percentage-point increase, according to the CME FedWatch tool.UBS Securities expects three dissents as a base case, but said it won't be surprised to see two more pushing for a rate hike.Tech giants Microsoft (MSFT), Apple (AAPL), Amazon (AMZN) and Meta Platforms (META) are scheduled to release their latest financial results later this week, along with Visa (V), Mastercard (MA), ExxonMobil (XOM), Coca Cola (KO), Procter & Gamble (PG), Qualcomm (QCOM) and Boeing (BA).In company news, Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group through an artificial intelligence infrastructure initiative expected to be worth more than $500 billion. The deal includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory.Nvidia's shares dropped 5%, the worst performer on the Dow, while SK Hynix slumped 7.5%.TransDigm Group (TDG) agreed to acquire specialty metal maker Prince & Izant from private equity firm Industrial Growth Partners for about $1.07 billion in cash. TransDigm shares advanced 4%.Gold edged up 0.3% to $4,083.90 per troy ounce, while silver lost 0.2% to $58.80 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$BA$KO$MA$META$MSFT$NVDA$PG$QCOM$SKHY$TDG$V$XOM
TransDigm to Buy Brazing Alloy Maker Prince & Izant for $1.07 Billion in Cash
US Markets

TransDigm to Buy Brazing Alloy Maker Prince & Izant for $1.07 Billion in Cash

TransDigm Group (TDG) has agreed to acquire Prince & Izant from private equity firm Industrial Growth Partners for about $1.07 billion in cash.Ohio-based Prince & Izant designs and makes brazing alloys and specialty metal components and mainly supports the aerospace and defense, aero-derivative turbine, and transportation end markets. The firm derives the majority of its revenue from the aftermarket and is expected to generate sales of about $360 million for the calendar year through Dec. 31, TransDigm said Monday."(Prince & Izant) offers highly engineered, custom, proprietary products and provides excellent service to its customers -- attributes that align well with TransDigm's acquisition criteria," TransDigm Chief Executive Mike Lisman said in a statement. "We expect this acquisition to create equity value in-line with our long-term private equity-like return objectives."TransDigm shares were up 3.6% in afternoon trade. So far in 2026, the stock has lost 3.7% in value.Prince & Izant has manufacturing locations in Ohio, Illinois, Wisconsin, and New York. It employs about 220 people, while majority of its revenue is derived from specialty metals, including gold, silver, and platinum alloys.Industrial Growth Partners acquired Prince & Izant in 2022.Industrial Growth Partners and Prince & Izant didn't respond to' requests for comment.Earlier this month, TransDigm opted to withdraw from its proposed $960 million acquisition of aerospace component maker Stellant Systems from private equity firm Arlington Capital Partners, saying continuing to pursue the deal through the regulatory review process was no longer in its "best interests."Following the termination, Morgan Stanley downgraded its rating on the TransDigm stock, citing concerns around the company's ability to "source acquisitions of size which can move the scale on inorganic growth.""The key downside risk, in our view, is execution," the brokerage said in a note to clients e-mailed July 15. "Any challenges in integrating acquisitions, weaker-than-expected synergy realization, or disruption to underlying operations that could pressure margins could further weigh on sentiment."Price: $1278.80, Change: $+42.09, Percent Change: +3.40%

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Update: Equities Mixed Intraday as Markets Await Fed Decision, More Earnings Reports
US Markets

Update: Equities Mixed Intraday as Markets Await Fed Decision, More Earnings Reports

(Updates with latest market prices and developments.)US stocks were mixed intraday amid a sharp pullback in oil prices, as traders prepared for the Federal Reserve's policy decision and mega-cap earnings reports later in the week.The Nasdaq Composite was down 0.6% at 24,834.6 after midday Monday, while the S&P 500 fell 0.3% to 7,390.2. The Dow Jones Industrial Average rose 0.2% to 52,031.4. Among sectors, communication services paced the gainers, while technology saw the steepest decline.West Texas Intermediate crude oil dropped 7.5% to $82.61 a barrel, while Brent slumped 8% to $89.09.US President Donald Trump told Axios on Monday that the US is in "very deep talks" with Iran, though he said military action could resume if diplomacy fails. His remarks came as the US apparently halted strikes against Iran.The US military struck Iran for the 13th straight night on Thursday, with Iran launching its retaliatory attacks across Gulf states. There hasn't been an announcement on fresh US strikes since then.Oman is conducting talks with Iran, but Qatar, Pakistan and Egypt are also actively involved in the process, Axios reported."While this is the first tangible signal of de-escalation, the reasons behind it are less clear," ING Bank said in a report. "There's little explanation from the US. Also, it hasn't yet led to any meaningful pickup in vessel flows through the Strait of Hormuz."Treasury yields were lower intraday, with the 10-year rate down 3.2 basis points at 4.65% and the two-year rate falling 1.3 basis points to 4.32%.The Federal Open Market Committee kicks off its two-day policy meeting on Tuesday, with a decision on interest rates due the following day. The probability of the central bank leaving its benchmark lending rate unchanged currently stands at 62%, with the remaining odds in favor of a quarter-percentage-point increase, according to the CME FedWatch tool."In our view, in the event of a rate hold there are likely to be dissents with the number hinging on the extent to which the statement language shifts in a hawkish direction," Macquarie said Monday in a report.While the firm expects no change to the federal funds rate this week, it continues to project a hike, most likely in December.Tech giants Microsoft (MSFT), Apple (AAPL), Amazon (AMZN) and Meta Platforms (META) are scheduled to release their latest financial results later this week, along with Visa (V), Mastercard (MA), ExxonMobil (XOM), Coca Cola (KO), Procter & Gamble (PG), Qualcomm (QCOM) and Boeing (BA).In company news, Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group through an artificial intelligence infrastructure initiative expected to be worth more than $500 billion. The deal includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory.Nvidia's shares dropped 5.2% intraday, the worst performer on the Dow, while SK Hynix slumped 9.6%.TransDigm Group (TDG) agreed to acquire specialty metal maker Prince & Izant from private equity firm Industrial Growth Partners for approximately $1.07 billion in cash. TransDigm shares rose 3.4% intraday.Gold edged up 0.2% $4,077.40 per troy ounce, while silver lost 0.2% to $58.77 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$BA$KO$MA$META$MSFT$NVDA$PG$QCOM$SKHY$TDG$V$XOM
Insider Trading

Transdigm Group Insider Sold Shares Worth $12,321,288, According to a Recent SEC Filing

W Nicholas Howley, Director, on July 20, 2026, sold 10,132 shares in Transdigm Group (TDG) for $12,321,288. Following the Form 4 filing with the SEC, Howley has control over a total of 21,548 common shares of the company, with 21,548 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1260221/000135257326000012/xslF345X05/primarydocument.xml

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Research

Morgan Stanley Downgrades TransDigm Group to Equalweight From Overweight, Adjusts PT to $1,345 From $1,680

TransDigm Group (TDG) has an average rating of overweight and mean price target of $1,510.56, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$TDG
Wire

Honeywell Aerospace's Competitive Edge Lies in Its 'Develop Once, Deploy Everywhere' R&D Model, Morgan Stanley Says

Honeywell Aerospace's (HONA) competitive advantage lies in its "develop once, deploy everywhere" R&D model, allowing it to take common technologies like precision navigation and auxiliary power units and deploy them across commercial air transport, business aviation, defense, space and emerging platforms, Morgan Stanley said in a Wednesday note.This attribute improves R&D returns by providing high 20s% EBITDA margins, shortens product introduction cycles and increases the addressable market per technology platform, according to the note.When compared to peers, Honeywell Aerospace's revenue and EBIT compound annual growth rates between 2025 and 2028 are largely toward the low end of peers, the analysts said, adding that its EBITDA margins are the third highest among the peers, following TransDigm (TDG) and Howmet Aerospace (HWM).Morgan Stanley further noted Honeywell Aerospace's "standalone structure potentially provides greater flexibility to invest, reposition the portfolio, and pursue initiatives that could support improved long-term growth and margin performance."Morgan Stanley initiated coverage of the company's stock with an equal-weight rating and a $255 price target.Price: $230.27, Change: $-7.88, Percent Change: -3.31%

$HONA$HWM$TDG
Insider Trading

Transdigm Group Insider Sold Shares Worth $13,369,720, According to a Recent SEC Filing

W Nicholas Howley, Director, on June 18, 2026, sold 10,132 shares in Transdigm Group (TDG) for $13,369,720. Following the Form 4 filing with the SEC, Howley has control over a total of 21,548 common shares of the company, with 21,548 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1260221/000135257326000010/xslF345X05/primarydocument.xml

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Insider Trading

Transdigm Group Insider Sold Shares Worth $4,500,951, According to a Recent SEC Filing

Joel Reiss, Co-Chief Operating Officer, on May 15, 2026, sold 3,900 shares in Transdigm Group (TDG) for $4,500,951. Following the Form 4 filing with the SEC, Reiss has control over a total of 3,600 common shares of the company, with 3,600 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1260221/000165610926000001/xslF345X05/primarydocument.xml

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Research

Research Alert: CFRA Maintains Sell Opinion On Shares Of Transdigm Group Incorporated

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target by $9 to $1,061, or 26.2x our FY 27 (Sep.) EPS estimate, below TDG's three-year average forward P/E of 33.7x. We increase our FY 26 EPS by $1.28 to $39.48 and maintain FY 27's at $40.49. Despite strong Q2 results (18% revenue growth, raised FY 26 guidance), we see multiple headwinds. Recent acquisitions totaling $3.2B are margin dilutive; we forecast EBITDA margins down 150 bps in FY 26. Net debt/EBITDA of ~5.9x following acquisitions amplifies refinancing risk beyond FY 27, while elevated interest expense constrains EPS growth. Middle East conflict adds commercial aftermarket uncertainty for 2H 2026, with potential lag effects on flight activity and parts demand. Given our outlook for decelerating growth, we anticipate the earnings multiple will continue to contract after the forward P/E declined from 34.6x at end-2025 to ~28.5x. TransDigm's reliance on sole-source, high-margin defense products makes it particularly exposed to potential DoD procurement reforms targeting pricing.

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Research

Research Alert: Transdigm Posts Q2 Fy 26 Beat, Strong Sales Growth Masks Margin Contraction

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TransDigm posted Q2 FY 26 (Sep.) results with net sales of $2,544M (+18% Y/Y, 3% above consensus) on 11% organic growth, while adjusted EBITDA rose 15% to $1,337M, with margins compressing 140 bps to 52.6%. Adjusted EPS of $9.85 (+8% Y/Y) beat consensus by $0.38, though the divergence between 18% revenue growth and 12% earnings growth reflects elevated interest costs from debt-funded acquisitions and a negative mix shift. The $2.2B JPE/VSA acquisition represents a strategic shift toward PMA businesses that management acknowledges will not achieve typical TransDigm margins. Management raised FY 26 guidance with sales of $10,300M-$10,420M (+17% Y/Y at midpoint) and adjusted EPS of $38.83-$40.21 (+6% Y/Y). We remain concerned about the aggressive $3.2B acquisition pipeline pressuring leverage and financial flexibility. The strategic pivot toward lower-margin PMA businesses, combined with acquisition dilution, represents a departure from TransDigm's historical margin expansion that warrants scrutiny.

$TDG
US Markets

Stocks Rise Pre-Bell as Investors Await More Earnings, Monitor Middle East Developments

US equity futures were trending higher on Tuesday as traders await a fresh batch of corporate earnings and monitor developments in the Middle East.The S&P 500 and the Dow Jones Industrial Average rose 0.3% each in premarket activity, while the Nasdaq added 0.6%. The indexes finished the previous trading session lower.Shopify (SHOP), Pfizer (PFE), Duke Energy (DUK), KKR (KKR), Ferrari (RACE), American Electric Power (AEP), Transdigm (TDG), PayPal (PYPL) and Rockwell Automation (ROK) report their latest financial results before the bell, among others.Advanced Micro Devices (AMD), Arista Networks (ANET) and Strategy (MSTR) are expected to announce their earnings after the markets close.Shares of Palantir Technologies (PLTR) fell 3.3% pre-bell even though the software maker raised its full-year revenue outlook and reported first-quarter results above Wall Street's expectations. Pinterest (PINS) jumped 17% as the image-sharing platform company recorded better-than-expected first-quarter results.Investors were watching developments in the Middle East closely after a day of heightened tensions in the Strait of Hormuz. The US military destroyed six Iranian boats on Monday in the strait after Tehran attacked US Navy ships and commercial vessels, CNN reported, citing Admiral Brad Cooper, the head of the US Central Command. A senior Iranian military official reportedly disputed that claim.Iran fired missiles and drones at the United Arab Emirates, the UAE's Defense Ministry said in a post on X.President Donald Trump told Fox News on Monday that Iran will be "blown off the face of the Earth" if they attack US vessels that support his initiative to escort commercial ships through the Strait of Hormuz.West Texas Intermediate crude oil declined 2.2% to $104.09 a barrel before the opening bell, while Brent decreased 1.4% to $112.79."Absent a reopening of the strait within the next several weeks, the global oil market, in our view, is likely to enter a period of explicit demand rationing within the current quarter," Wells Fargo Investment Institute Chief Investment Officer Darrell Cronk said Monday.Tuesday's economic calendar has the international trade in goods and services report for March at 8:30 am ET, followed by the purchasing managers' index composite final report from S&P Global (SPGI) for April at 9:45 am.New home sales reports for February and March are expected to be out at 10 am, along with the Institute for Supply Management's services index for the previous month. The Job Openings and Labor Turnover Survey for March also posts at 10 am.Federal Reserve Vice Chair for Supervision Michelle Bowman is slated to speak at 10 am, while Fed Governor Michael Barr speaks at 12:30 pm.New York Fed President John Williams said Monday that the Middle East conflict could keep inflation elevated for some time.Treasury yields were down in premarket action, with the two-year rate retreating 2.8 basis points to 3.93% and the 10-year rate off 2.2 basis points to 4.42%.Gold inclined 0.7% to $4,563 per troy ounce, while bitcoin advanced 1% to $80,756.

Dow JonesNasdaq CompositeS&P 500$AEP$AMD$ANET$DUK$KKR$MSTR$PFE$PINS$PLTR$PYPL$RACE$ROK$SHOP$TDG
Insider Trading

Transdigm Group Insider Sold Shares Worth $12,817,572, According to a Recent SEC Filing

W Nicholas Howley, Director, on April 20, 2026, sold 10,132 shares in Transdigm Group (TDG) for $12,817,572. Following the Form 4 filing with the SEC, Howley has control over a total of 21,548 common shares of the company, with 21,548 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1260221/000119312526167008/xslF345X05/ownership.xml

$TDG
Wire

TransDigm Group Plans $1.25 Billion Debt Offering

TransDigm Group (TDG) said Tuesday in a regulatory filing that its wholly-owned subsidiary, TransDigm, is planning to offer $1.25 billion of new debt, subject to market and other conditions.The offering is expected to consist of $250 million of new senior subordinated notes and $1 billion of new term loans to be launched simultaneously, the company said.Net proceeds of the offering, along with cash on hand, will be used to finance the acquisition of Stellant Systems, about $800 million of additional share repurchases completed in March, and related transaction fees and expenses, the company said.Price: $1295.01, Change: $+61.90, Percent Change: +5.02%

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