RBC Capital reiterated an Outperform rating on General Dynamics Corp. (NYSE: GD), and raised the price target to $169.00 (from $165.00), following the company's 3Q15 earnings results. 3Q15 EPS of $2.28 came in ahead of consensus at $2.13. On the call, management raised 2015 EPS guidance from $8.70-8.80 to $8.90-9.00, helped by a lower tax rate for the year (28%), the buyback and the operating progress to date.

Analyst Robert Stallard commented, "3Q15 EPS of $2.28 was comfortably ahead of consensus at $2.13. Revenues (+3% YoY) and EBIT were close to our estimate, with sales strength at Marine being offset at the margin level by mix. The upside to our estimates came from lower corporate expense, a lower tax rate (27.6%) and big reduction in the share count, driven by $1bn of share buybacks in the quarter."

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Shares of General Dynamics Corp. closed at $150.78 yesterday.