Break Out the Members Only Jackets, It's the '80s Again; Defense Buildup Followed by Defense Cuts
Congress and the White House passed a bipartisan spending deal on Feb. 9, which included large increases in defense spending for fiscal 2018 and 2019. Defense names are moving up on the news, but we already increased our fair value estimates after initial reports began to surface around the deal. As a result, we still view the sector as fairly to slightly overvalued. We think over the near to midterm defense spending should provide a tailwind to revenue growth, but with profits at all time highs...
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