Gaining Momentum; Reaffirm OW / Increase PT to $465

研报英文原文证据摘录

Gaining Momentum; Reaffirm OW / Increase PT to $465

Idea

July 30, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMGeneral Dynamics Corp. | North America Kristine T Liwag

Equity Analyst

Gaining Momentum; Reaffirm Kristine.Liwag@morganstanley.comJustin M Lang +1 212 761-2980

Justin.Lang@morganstanley.com +1 212 761-6251

OW / Increase PT to $465 Jason T Holcomb

Research Associate

What’s Changed Jason.Holcomb@morganstanley.com +1 212 761-5592

Gabrielle Knafelman

General Dynamics Corp. (GD.N) From To Research Associate

Price Target $435.00 $465.00 Gaby.Knafelman@morganstanley.com +1 212 761-4838

Shaina C Zuber

Aerospace drove a 2Q26 beat while ongoing Gulfstream new ResearchShaina.Zuber@morganstanley.comAssociate +1 212 761-6353

model delivery ramps bodes well for cont. margin expansion.

General Dynamics Corp. (GD.N, GD UN)

B2B was >1x across all segments. Marine margins continue to

Defense | United States of America

improve gradually while new, historic $77bn sub. contract adds Stock Rating Overweight

growth visibility. Maintain OW. Raise PT to $465 from $435. Industry View Attractive

Price target $465.00

Shr price, close (Jul 29, 2026) $380.96

Another Strong Quarter Mkt cap, curr (mm) $104,330

52-Week Range $400.00-306.60

GD delivered a ~7% EPS beat in 2Q26, driven by notable operating strength at

Aerospace (sales 6% / margins ~60bps ahead of cons.) and higher Marine sales (~7%

ahead). Mgmt. raised EPS guidance to $16.80-16.90, up from a prior range of $16.45-

16.55, supported by higher full-year sales expectations and an improved Aerospace

margin outlook. We are encouraged by the margin expansion evident at Gulfstream

as the business ramps deliveries of newer models (e.g., G700/800). Meanwhile,

Marine margins continue to expand (40bps y/y increase expected in 2026), placing