Citi makes the bull case for defense stocks and gives its favorite picks

Wall Street is under-appreciating the growth outlook for the defense sector, according to Citi. Witness the fact the SPDR S & P Aerospace and Defense ETF has risen about 6.1% year to date, lagging the S & P 500 's 9.6% gain. Nonetheless, Citi remains confident in "the bull case for defense." Fueled by "bdget gimmicks in D.C. and headlines in the media," many investors believe that U.S. defense spending has stopped growing, according to analyst Jason Gursky.

mountain Leidos Holdings over the last 12 months Citi is also bullish on Lockheed Martin . The prime contractor for the F-35 is a beneficiary of U.S. and rising European defense spending, according to Gursky. The analyst calculated European countries increased their defense spending by 13% year-over-year in 2023. Lockheed Martin's "emphasis on shareholder cash returns likely to continue," Gursky said.

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