Butler National: From Gambling To Strong Aerospace Buy (Upgrade)

Butler National Corporation is upgraded to 'Strong Buy' as the aerospace segment drives robust growth and margin expansion. Q3 revenues surged 27% to $21.2 million, with aerospace sales up 50% and now comprising nearly two-thirds of total revenues. Upgraded price target to $5.77 for FY28, implying 42% upside, supported by 11.5% revenue and 16.5% EBITDA growth assumptions.