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U.S. elections have an outsized effect on the stock market. The results are always catalysts, and the policies supported by the candidate who ends up winning the presidency, as well as the final composition of the House of Representatives, tend to favor some sectors more so than others. However, mounting tensions with China, increasingly considered a near-peer in terms of defense, as well as current tensions in the Middle East, have led both parties and their candidates to adopt largely similar stances on defense. This hasn’t gone unnoticed — the S&P Aerospace & Defense Select Industry Index is up 17.37% year-to-date (YTD), and Wall Street is still quite bullish. On October 10, Citigroup (NYSE: C) analysts released a slew of price target updates. Defense dominated — with 8 of the 10 updates being for defense stocks.  Let’s take a closer look at Citi’s picks. Science Applications International Corporation (NASDAQ: SAIC) Citigroup equity research analyst and managing director Jason Gursky reiterated a ‘Buy’ rating for SAIC, raising his price target from $160 to $176. Should the stock reach that mark, it will have posted a 23.3% gain relative to its current price of $142.74. SAIC shares are up 14.57% YTD. The company’s next earnings call is due December 2. SAIC stock price YTD chart. Source: Finbold The company has secured lucrative contracts with the military and NASA, as well as a notable $229 million deal for the modernization of NORAD IT resources announced on September 18. Citi is not the only firm bullish on SAIC — on October 11, Wells Fargo increased its price target to $157 from $122, while JPMorgan upgraded the stock from ‘Neutral’ to ‘Overweight’, setting a price target of $170. L3Harris Technologies (NYSE: LHX) Citigroup aerospace and defense researcher Jonathan Raviv raised his price target from $268…

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Filed under: News - @ October 11, 2024 3:24 pm