Goldman Sachs Upgrades the Defense Sector to Neutral

Goldman Sachs upgraded the Defense sector from Cautious to Neutral. The firm said with expectations very low, numbers reset, cash strong and a lack of negative catalysts near-term, Defense stocks could perform in line with the market or outperform if the macro is choppy. That said, Goldman said they are not bullish on the sector and expects the group may underperform again later in the DoD spending downturn.

The firm upgraded AeroVironment (Nasdaq: AVAV).

They remain Neutral-rated on FLIR Systems (Nasdaq: FLIR), Harris (NYSE: HRS) and Alliant TechSystems (ATK), and remain Sell-rated on Huntington Ingalls Industries (NYSE: HII)

They remain Neutral-rated on Lockheed Martin (NYSE: LMT), General Dynamics (NYSE: GD), and Raytheon (NYSE: RTN), and Sell-rated on Northrop Grumman (NYSE: NOC) and L-3 Communications (NYSE: LLL).

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