RBC Capital downgraded General Dynamics (GD) to Sector Perform from Outperform with a price target of $290, down from $330. The firm appreciates the recent weakness in the stock but says a shift in sentiment has played out as the company’s Q4 Gulfstream deliveries “appear to lag expectations.” RBC reduced 2025 and 2026 aerospace margin expectations due to the slower delivery ramp. General Dynamics’ defense exposure will continue to be a headwind until we get better visibility of defense under Trump 2.0, the analyst tells investors in a research note. RBC sees the new Trump administration poses greater risk for the General Dynamics defense portfolio.
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