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With China perceived to be the biggest threat given the size of the nation’s economy and the country’s air drills around neighboring countries, Biden aims to boost the defense budget by 16% to $769 billion. Furthermore, the United States has also played a major role in defusing the Israel-Palestine conflict, through cash and defense equipment funding support.
Thus, the aerospace and defense industry is likely to grow substantially in the coming months. Given this backdrop, the following lesser-known companies with direct ties with the Department of Defense and the U.S. Army and Navy should grow significantly: L3Harris Technologies, Inc. (LHX), Textron Inc . (NYSE:TXT) and Huntington Ingalls Industries, Inc. (HII). So, we think these stocks could be solid additions to one’s portfolio.
