Canaccord Genuity analyst Ken Herbert upgraded AAR Corp. to Buy from Hold and raised his price target for the shares to $48 from $42. Amid continued strength in the commercial aerospace aftermarket, the analyst believes the company will benefit from positive inflections in earnings and free cash flow. He sees "significant upside" in the stock as new management can brings a "fresh perspective and focus to growth opportunities." The strength of AAR's balance sheet will provide potential capital deployment optionality, Herbert tells investors in a research note.