UPDATE: Wedbush Lowers Price Target On AAR To $30

According to Wedbush, AAR (NYSE: AIR) price target is lowered to $30.

Wedbush said that it is lowering its price target to $30 from $35 based on greater than anticipated slowness in the company's defense business. “To derive our $30 price target we took an average of a 0.95x sales multiple, a 13x EPS multiple, and an 8x EBITDA multiple each applied to our respective NTM estimates.”

AAR closed yesterday at $21.69.