FTAI Aviation Ltd shares plunged 5.27% during intraday trading on Wednesday, as investors reacted to a lowered price target from RBC Capital Markets and growing caution ahead of the company's second-quarter earnings report due after the market close.
RBC Capital Markets cut its price target on FTAI Aviation to $300 from $350, while maintaining an Outperform rating on the stock. The target reduction triggered profit-taking pressure, with traders opting to reduce positions ahead of the quarterly results. Market consensus expects Q2 earnings per share of $1.32, following a strong prior quarter where the company reported revenue of $831 million, up 65.45% year-over-year, and adjusted EPS of $1.29.
The broader Aerospace & Defense sector also faced headwinds, with Boeing falling 4.68%, Rocket Lab USA declining 4.15%, and GE Aerospace dropping 2.49%, adding to the negative sentiment surrounding FTAI Aviation.