Morgan Stanley Research / Thematic Alpha: Return of Capex: Aerospace & Defense

Thematic Alpha: Return of Capex: Aerospace & Defense
Our “Return of Capex” series looks across industries at what capex historically means for fundamentals, what’s driving capex now, and how stocks are pricing these trends. In A&D, BA’s inventory remains an overhang; we like TXT for medium jet exposure and NOC for govt. spend and capital return.

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