Defense stocks continue to come under pressure – why Citi is ‘reluctant’ to buy the dip

Defense stocks have struggled since the Iran war began after several years of solid gains, but Citi analysts say they are "reluctant" to buy the dip — even though they expect revenues to strengthen in the second half. The iShares U.S. Aerospace & Defense ETF (ITA), for example, has dropped about 10% since the start of March, when the Middle East conflict began following the joint U.S.-Israeli strike on the Islamic Republic. The S & P 500 added 8.6% over the same period. …