UPDATE: Wolfe Research Assumes, Downgrades General Dynamics Corp. (GD) to Underperform, 'Stock Overheated'
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(Updated - April 9, 2021 3:41 AM EDT)
Wolfe Research analyst Michael Maugeri downgraded General Dynamics Corp. (NYSE: GD) from Outperform to Underperform.
The analyst commented, "We estimate the market is implying GD can earn 104% of its pre-Covid earnings post-Covid while implying that LMT and NOC will only retain ~93% of pre-Covid earnings on average. If we apply that LMT/NOC average to GD’s defense businesses, then that would imply the market believes Gulfstream can earn 126% of pre-Covid earnings post-Covid.."
Shares of General Dynamics Corp. closed at $183.60 yesterday.
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