General Dynamics downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded General Dynamics to Equal Weight from Overweight with a price target of $317, down from $334. The firm is cautious on Boeing (BA) and General Dynamics (GD) into the Q3 results. General Dynamics’ 2024 guidance looked tough to hit at mid-year, and since then G700 deliveries appear to be well behind plan, the analyst tells investors in a research note. Wells says that while aircraft deliveries should ramp into 2025, it questions how long Gulfstream can sustain deliveries 30% above its recent orders run rate.