Citi raises price targets on defense stocks

• Citigroup has upped price targets on several defense stocks today, saying that its previous model was based on information from previous defense spending drops, and failed to take into account key changes in the structure of the industry.
• It's raising General Dynamics (GD +0.5%) from $97 to $101, Huntington (HII +0.1%) from $72.50 to $95, Lockheed (LMT -0.2%) from $122 to $149, Northrop (NOC -0.1%) from $96 to $132, Raytheon (RTN -0.5%) from $80 to $91.
• Earnings estimates on all stocks remain unchanged, and all five stocks maintain their Buy ratings.