As previously reported, Seaport Research downgraded General Dynamics to Neutral from Buy with no price target as the firm “leans negative” into the company’s upcoming Q3 report. It has “been clear for some time” that there may be issues delivering G700s, says the firm, which is lowering estimates for the Aerospace division and adds “we’re not the first” to do so. Investor sentiment on General Dynamics had steadily improved since October of 2023, but sentiment “appears to be tapering off, and into the print, we think sentiment leans more negative on the view that consensus 3Q24E are too high,” the analyst added.
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