Goldman Sachs Downgrades General Dynamics Corp. (GD) to Sell; Gulfstream Risk

May 24, 2012 10:52 AM EDT
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Price: $176.04 -1.04%

Rating Summary:
    13 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 30 | New: 8
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Goldman Sachs downgraded General Dynamics Corp. (NYSE: GD) from Neutral to Sell, price target cut from $68 to $56.

Analyst, Noah Poponak, said, "Weakest “social contract” and Gulfstream risks: GD appears more focused on acquisitions at a time when growth prospects are particularly challenged than dividend and buyback. At Gulfstream: book-to-bill has turned down decisively, Jet Aviation challenges remain, and the G650/250 timelines still have risk of sliding."

Additional concerns include exposure to: 1) Gov't/IT services revenues are challenging; 2) Exposure to Army and war effort; and 3) challenges at Gulfsteam.

For an analyst ratings summary and ratings history on General Dynamics Corp. click here. For more ratings news on General Dynamics Corp. click here.

Shares of General Dynamics Corp. closed at $64.61 yesterday.

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