The Russell 1000 Growth Index has climbed down from its year-to-date highs, which Citi believes has set up a "buy growth on a pullback" opportunity. The broader growth leadership index is up 25% in 2023 on a total return basis and peaked at 34% on July 19. Since then, the index has pulled back more than 6%, with significant underlying single-stock dispersion, according to strategist Scott Chronert.
Defense and aerospace company Lockheed Martin is down 18% from its 2023 high in April. In contrast, the company's free cash flow per share consensus estimate has risen nearly $5 since the end of March. The company has struggled with supplier issues for its aircraft and reduced its full-year delivery forecast for F-35 jets earlier in the month. Shares have fallen 15% year to date.
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