** Shares of aircraft maintenance firm StandardAero SARO.N fall 1% to $27 premarket

** Jefferies downgrades SARO's ratings to "hold" from "buy", cuts price target to $30 from $34

** New PT still implies an upside of 9.6% to the stock's last close

** Brokerage says it expects slower 2026 air traffic growth with recovery in 2027, but warns co's legacy engines will keep declining and pose downside risk to future services revenue

** Adds SARO is improving margins on key engine programmes, but profitability still faces risk if higher-margin legacy engine work declines

** Jefferies lowers Q2 EPS forecast to 37 cents/share from 39 cents/share

** 11 of 14 brokerages rate the stock "buy" or higher, 3 "hold"; their median PT is $35 - data compiled by LSEG

** As of last close, stock had fallen 4.6% YTD