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AAON: Moving To Neutral As Growth Rates Are Normalizing (Rating Downgrade)

Investment Thesis

AAON, Inc.’s ( NASDAQ:AAON) revenue growth should benefit from a good backlog level of $526 million, price increases, and good end-market demand supported by multi-year secular trends from decarbonization, electrification, energy transition, and improved air quality. However, as backlog levels have started seeing some softening, revenue

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