Jefferies downgraded GD to "hold"
Defense stock General Dynamics Corp (NYSE:GD) attracted a downgrade from Jefferies to "hold" from "buy," in addition to a price-target cut to $300 from $345. The brokerage cited delivery delays for the company's G700 aircrafts associated with engine shipment setbacks, as well as extended certification times for custom interiors.
GD is down 1.5% at $261.47 at last check, trading at its lowest level since January. The shares gapped lower from a Nov. 14, record high of $316.90 after President-Elect Donald Trump picked Elon Musk and Vivek Ramaswamy to co-lead his Department of Government Efficiency. The equity recently breached its 320-day moving average, and shed 13.8% this quarter.
Short-term options traders are bearish toward General Dynamics stock, per its Schaeffer's put/call open interest ratio (SOIR) that stands higher than 84% of readings from the past 12 months.