U.S. Navy Awards General Dynamics Corporation (GD) a $698 Million Contract; Seaport Global Securities Upgrades from Neutral to Buy with PT $376

General Dynamics Corporation (NYSE:GD) is one of the 13 Safest Stocks to Invest in Now, supported by hedge fund interest and significant return on equity.

General Dynamics Corporation (NYSE:GD) was upgraded by Neutral to Buy by Seaport Global Securities on September 29. The company’s price target was raised from its previous level to $376. Budget discussions, according to Seaport, may momentarily hurt stock prices but offer a good starting point, along with increased tax breaks, perhaps boosting demand for business jets.

Furthermore, the update comes after General Dynamics Corporation (NYSE:GD) was awarded $698 million in U.S. Navy contracts recently, including a $42.5 million contract for submarine parts and a $642.3 million award for the building of Virginia-class submarines. As evidence of its continued strength in its defense backlog, General Dynamics Corporation (NYSE:GD) recently obtained a $13.4 million contract modification related to space defense systems.

Global aerospace and defense company General Dynamics Corporation (NYSE:GD) supplies government and private customers worldwide with mission-critical systems, information technology, shipbuilding, business aviation and combat vehicles. It is one of the Safest Stocks To Buy.

While we acknowledge the potential of GD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 11 Best Gold Royalty and Small-Cap Gold Stocks to Invest in Now and 11 Best Coal Stocks to Buy According to Hedge Funds.

Disclosure: None.