Collins Stewart Upgrades General Dynamics (GD) to Buy
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Collins Stewart upgrades General Dynamics (NYSE: GD) from Hold to Buy, setting a $78 price target.
Although shares of General Dynamics are up sharply since the March lows, much of this upside can be attributed to the "overall market move", according to Collins Stewart. At 6.2x EBITDA and 9.7x EPS, the firm believes that valuation remains compelling, and "could rise with a better economy and better than expected defense budgets."
The firm believes that General Dynamics' key leverage point is Gulfstream, and that this is showing signs of a bottom.
General Dynamics Corporation provides business aviation; combat vehicles, weapons systems, and munitions; shipbuilding design and construction; and information systems, technologies, and services.
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