US Aerospace & Defense: Chart of the Day: Survey Shows Optimism In OE Ramp

We recently published our 3Q26 Preview where we highlighted Commercial OE-sensitive HWM as a top pick. In response, we got more questions about BA than HWM as an OE-play/potential long. As usual, in our preview, we publish some of the early results of our Industry Pulse survey before following up with full detail and it's worth highlighting that the 100 suppliers/distributors/MROs polled in our survey strongly expect Commercial OE volumes to continue to accelerate into 4Q26 with the end market representing the greatest area of acceleration across all end markets we asked about. BA has had its issues and consensus may not be fully calibrated for them, which caused us to prefer HWM tactically when picking a Catalyst Watch. But bulls may find some comfort in positive channel checks into 4Q26.