** Wells Fargo cuts PTs of defense contractors to reflect updated industrial valuations and a lower outlook for defense manufacturing growth
** Earlier this month, the Pentagon said it was directing military leaders to draw up a list of potential cuts totaling about $50 billion from the upcoming budget for fiscal year 2026
** Amount would be redirected into programs aligned with President Donald Trump's priorities for national defense
** "Given how the administration accounted for other DOGE savings, we think the best interpretation is that funds will be reinvested back into other priorities with no net change in top line" - Wells Fargo
** S&P 500 Aerospace and Defense sector index .SPLRCAERO has risen 4.5% YTD and rose over 12% in 2024
Company | New PT | Old PT | Analysts' median PT (LSEG compiled data) |
General Dynamics GD.N | $244 | $276 | $284.50 |
Northrop Grumman NOC.N | $545 | $574 | $557.00 |
L3harris Technologies LHX.N | $269 | $300 | $256.76 |
Lockheed Martin LMT.N | $468 | $497 | $531.73 |
(Reporting by Aatreyee Dasgupta)
((Aatreyee.Dasgupta@thomsonreuters.com))
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