Jefferies analyst Sheila Kahyaoglu downgraded TransDigm Group to Hold and cut her price target for the shares to $280 from $322. The supplier of engineered aircraft components closed yesterday up 56c to $265.20. The company is currently at the completion of one its significant capital deployment cycles, Kahyaoglu tells investors in a research note. The analyst prefers to wait on the sidelines as TransDigm accumulates free cash flow and de-levers. She points out that the company over the past year has deployed close to $2.8B towards special dividends and acquisitions.