JPMorgan initiates Moog at overweight, sees 32% upside

According to CNBC, JPMorgan initiated coverage of Moog, rating the aircraft, spacecraft and missile systems maker overweight and setting a $520 price target, which implies 32% upside from Friday's close. Analyst Tomohiko Sano said the company's multi-year transformation is driven by manufacturing changes and that Moog has diversified exposure to missile replacement, commercial aerospace, industrial automation and AI-driven infrastructure buildout. He added that Moog's work on missile programs including PAC-3, THAAD and Tomahawk, along with the expected ramp in commercial aircraft production and U.S. spending on fighter jets such as the F-35 and tactical transport aircraft like the MV-75, could support further gains. LSEG data showed three of the four analysts covering Moog rate the stock a buy or strong buy, and shares are up 61% year to date.