Jefferies Raises Price Target on General Dynamics (GD) Following 3Q
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Jefferies reiterated a Buy rating on General Dynamics Corp. (NYSE: GD), and raised the price target to $175.00 (from $167.00), following the company's 3Q earnings report. Jefferies reported revenues of $7.7BB, down 3.3% y-o-y, but nearly matched estimates. Aerospace sales declined 13.9% to $2.0BB due to lower deliveries of Green and Outfitted large-cabin aircraft. EPS was reported at $2.48 vs. estimates of $2.37.
Analyst Howard Rubel commented, "GD reported Q3 EPS from cont. ops of $2.48 vs. our est of $2.37 and $2.28 a year ago. The $0.20 year-over-year improvement was due to a 17% increase in IS&T profits, a small advance at Aerospace, a slightly lower tax rate, and a 3.7% reduction is outstanding shares. We boost our 2016 and 2017 EPS estimates to $9.75 and $10.35 from $9.70 from $10.25. We continue to rate GD shares a Buy."
Shares of General Dynamics Corp. closed at $151.14 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Bassett Furniture (BSET) PT Raised to $28 at Stifel Following 4Q EPS Beat
- Web.com, Inc. (WEB) PT Raised to $25 at BWS Financial Ahead of 4Q Report
- IBM (IBM): Closer Look Shows The - Jefferies
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!