Aerospace Stocks Are Set To Fly High On Multi-Year Tailwinds, Says Mario Gabelli

Mario Gabelli says aerospace stocks are poised to take off.

What Happened: Gabelli named several aerospace stocks he's interested in right now, Wednesday morning on CNBC's "Squawk Box."

"The aerospace industry, defense, commercial aviation is extraordinarily exciting," the GAMCO Investors chairman and CEO said. 

He told CNBC that he is buying several stocks in the space. He mentioned that names like Crane Co CR, Textron Inc TXT and L3Harris Technologies Inc LHX are all on his radar, as he sees tailwinds for those companies in the years ahead.

"We need 40,000 new planes built in the next 20 years. The population of aircraft is going to go from 20- to 40,000," he said. 

Crane manufactures components for the aerospace, defense, space and process end markets. Textron designs, manufactures and services specialty aircraft and L3Harris makes products for the global aerospace and defense industry.

See Also: 'Recession Will Likely Be Necessary' - JPMorgan Issues Warning About Stocks, Says The Impact Of Spiking Rates Has 'Yet To Be Felt'

CR, TXT, LHX Price Action: At the time of writing, Crane shares were down 0.84% at $91.91, Textrong was down 0.87% at $77.26 and L3Harris was down 0.03% at $187.66, per Benzinga Pro.

Photo: David Mark from Pixabay.