UPDATE: Topeka Capital Markets Initiates AAR Corporation at Hold on Defense Weakness

Topeka Capital Markets initiated AAR Corporation

with a Hold rating and a $17.00 price target. Topeka Capital Markets said, "We are initiating coverage on AAR Corp. with a Hold rating and $17 price target. Our rating is predicated on decelerating quarterly trends, and incremental risk related to the Company's defense businesses. We do highlight management efforts to return cash to shareholders and strengthen the balance sheet, coupled with a positive outlook in the commercial business as offsets to defense concerns." AAR Corporation closed at $18.66 on Thursday.