Canaccord analyst Ken Herbert maintained a Buy rating on AAR Corp (AIR) and lowered his price target to $48 following the company's Q3 results and lowered sales and earnings outlook, reflecting ongoing issues with the Maintenance, Repair and Overhaul, or MRO, business. In a research note to investors, Herbert says that while is is "disappointed" in the continued labor issues with the MRO business, management continues to see strength across its remaining commercial business and believes the current market plays to AAR's strengths in parts trading and distribution. The analyst does see some risk around uncertainty with its programs business, especially with customers that use the Boeing (BA) 737 MAX aircraft, but the outlook for pricing for used and new material for the aftermarket remains very strong and should be a tailwind into FY20.