BofA/Merrill analyst Ronald Epstein upgraded Heico to Buy and raised its price target to $95 from $75 telling investors it is a direct beneficiary of emerging aftermarket demand due to strong air traffic growth and lower rates of aircraft retirement. The analyst said world passenger demand has been growing by 5% year-over-year on average since 2010 while aircraft retirements were down 19.8% year-over-year in 2016. Epstein said Heico's opportunities for continued growth of the part manufacturer approval business, increasing aftermarket demand and lower aircraft retirements justify a premium multiple for shares.