Rothschild & Co. Redburn

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   Analyst starts coverage of three defense stocks on AI-enabled warfare

   Maggie Scully, an analyst at Rothschild & Co. Redburn, initiated coverage of US defense stocks on Tuesday, rating Lockheed Martin, Northrop Grumman and Kratos as “buy” with target prices as high as $650. Her thesis is that rising global military spending and growing battlefield use of low-cost, AI-enabled technology are driving both high-end precision systems and affordable, mass-deployable ones. Scully argued the US needs to develop and scale affordable mass munitions production quickly to counter asymmetric risks in modern warfare; the report also notes uncertainty around the midterm elections.

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