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Lockheed Martin, Other Defense Stocks Rise. Citi Says the Rally Has Legs.

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Lockheed Martin, General Dynamics and L3Harris rose further in early Tuesday trading after a jump on Monday.

The armed conflict in the Middle East is continuing to boost defense stocks on Tuesday, suggesting that it may only be the start of their rally.

After pushing shares sharply higher on Monday, the stocks rose further in premarket trading. Lockheed Martin was up 1.9% after gaining 9% Monday. Northrop Grumman was up 2.1%, General Dynamics gained 1.1%, and L3Harris Technologies added 1%. Hamas terrorists attacked Israel by air, land and sea on Saturday. Israel declared war and launched retaliatory strikes. The question for defense stocks now is what happens next in terms of the conflict escalating.

Analysts at Citi wrote Monday that the conflict will spur investment in defense. It sees growth in the industry accelerating in 2024 and 2025 as bigger military budgets get legislative approval, lifting both the top line and margins at defense companies. It has a buy rating on General Dynamics, Leidos Holdings , L3Harris, Lockheed Martin and Science Applications International .

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Lockheed Martin, Northrop Grumman Stocks Notch Best Days In Years Amid Israel-Hamas ConflictI'm a New Jersey-based Senior Reporter on our news desk. I graduated in 2021 from Duke University, where I majored in Economics and served as sports editor for The Chronicle, Duke's student newspaper. Send tips at dsaulforbes.com.
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