巴克莱-美股-航空航天与国防行业-美国航空航天与国防：商务机调查-2019.12.11.pdfVIP

CORE Equity Research 11 December 2019 U.S. Aerospace Defense Business Jet Survey: Hits New Low; INDUSTRY UPDATE Reduce GD/TXT Forecasts U.S. Aerospace Defense POSITIVE Unchanged Survey index drops 12% to 39; now forecast decline in 2020 deliveries for GD/TXT For a full list of our ratings, price target and Reducing delivery forecasts: On the back of continued weakness in our survey, we earnings changes in this report, please see table on page 2. have reduced our 2020-21 bizjet delivery forecast for GD and TXT by ~10%. Overall, we forecast Gulfstream large cabin deliveries 7% lower in 2020 and 8% lower for Cessna ex