FTAI Aviation's (FTAI) revenue from the Strategic Capital Initiative, or SCI, should be considered part of the company's core Aerospace Products business and not lower quality, Deutsche Bank Research said in a note Friday.

Shares of FTAI fell about 19% on Thursday despite the company reporting solid results and reaffirming its guidance. The broader market rose roughly 1% the same day. The sell-off appears tied to concerns around the quality of revenue in the Aerospace Products segment.

Deutsche Bank said about $100 million, or 27%, of that segment's revenue came from sales of engine modules to the SCI partnership, which some investors view as less valuable than revenue from third-party customers. Over the past six months, FTAI has been positioning aircraft assets for SCI, including those acquired through sale-leaseback deals that required immediate engine overhauls.

While some investors have raised concerns about slower growth outside SCI, Deutsche Bank noted that SCI has been a clearly communicated part of FTAI's long-term strategy.

"We were surprised to see the stock down about 19% for executing a long-term strategy that it has been communicating to the market for the past four months," the analysts said. FTAI is the sole engine maintenance provider for SCI and is fulfilling its contractual role by supplying modules for the fleet.

Deutsche Bank maintained its buy rating with a price target of $150 per share on the stock.

Shares of FTAI Aviation rose nearly 9% in recent trading activity

Price: 94.44, Change: +7.54, Percent Change: +8.68