UPDATE: Wedbush Downgrades AAR to Neutral

Wedbush lowers its rating on AAR

from Outperform to Neutral as defense overhang should persist. Price target is lowered from $24 to $21. Wedbush says, "The most recent quarter showed that weakness in the airlift business is likely to continue into fiscal 2013, further increasing concerns about the longer-term opportunity in the airlift segment and the broader defense segment sales as troop levels in Afghanistan are expected to decline substantially and OCO funding is increasingly pressured." AIR closed at $17.91 a share on Wednesday.