Jefferies Raises Price Target on General Dynamics (GD) Following 3Q
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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