The impact of US heavy truck, off-highway and Industrial markets are overshadowing the growing potential of the Aerospace business, which now accounts for c.75% of operating profit. With increasing content on the major new commercial aircraft programmes, Senior is well placed to benefit over the next 5 to 10 years. We reduce our target price to 264p (c.15x FY16 EPS) from 279p, but see strong attraction at this price and remain at Buy.
