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Shares of General Dynamics Corporation (NYSE: GD) are trading at a meaningful discount to closest peers and already price in gulfstream risk, Bernstein’s Douglas S. Harned said in a report. He upgraded the rating on the company to Outperform, while raising the price target from $168 to $180.
Discount To Peers
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General Dynamics’s share price reflects “a larger discount to other defense primes” than has been seen in the last 14 years. Although the large cabin business jet market continues to be soft, the company’s shares already seem to price in “a highly pessimistic scenario,” analyst Harned noted.
Defense Business To Grow
“The company's defense business should grow from here with a rising defense budget that supports Marine Systems and Combat Systems, plus export-driven growth. IS&T has held up better than our expectations with solid backlog and margin performance,” Harned noted.
Known Challenges
The Gulfstream's challenges are significant, with the weakening of large cabin backlogs and the rise in used inventory on the market. Moreover, the transition to the G500/600 implies risks to schedule and margins. The analyst added, however, that these risks were already well known.
Taking into account General Dynamics’s low share price, the long-term upside at Gulfstream and the positive defense trajectory, the company’s stock appears attractive, Harned commented.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.