JP Morgan lowers view for aerospace services

JP Morgan lowered its outlook for businesses providing maintenance and retro-fitting services to airlines, due to slower-than-expected economic growth and a weaker euro (Market Pulse, 10-Jun-2010). JP Morgan commented, "clearly there is no consensus on how the current turmoil in the markets plays out but we think it is reasonable to assume that the prospects for global growth are a bit lower than it appeared one to two months ago". The firm lowered its estimates for Rockwell Collins, Goodrich and United Technologies, adding that the market has been preparing for a second global recession and if that were to occur, it would reduce its estimates further.