Baird downgraded General Dynamics (GD) to Neutral from Outperform with a price target of $283, down from $345. The firm cites the company’s “poor” execution, G700 delivery headwinds, Naval shipyard delays, and Department of Government Efficiency headline risk for the downgrade. The firm expects “mixed results” across defense stocks in 2025, but remains bullish on defense technology players focusing on low-cost, next-generation solutions, while it expects DOGE headline risk to continue pressuring defense primes and IT services names. Kratos Defense (KTOS) is Baird’s top pick entering 2025.
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