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The aviation analyst of Deutsche Bank Myles Walton on Thursday has downgraded General Dynamics, the parent company Gulfstream Aerospace, with “to buy” to “to hold” because of fears concerning influence of growth of quantity of G650 offered for sale on sales and deliveries of new airplanes. According to Walton, in current month the quantity of second-hand G650 in the secondary market has grown with 9 to 22, in comparison with 4 in March of last year.

According to consulting agency JetNet, there are 19 on sale G650 now that makes 11,5% of the operated park of aircrafts of this type (165 airplanes) with required cost from $58,75 million up to $69,9 million. At the same time in March of last year six G650 have been offered for sale. JetNet reports that the quantity of G650 in the secondary market has jumped up in December with 10 to 15, and then has continued growth. The last G650 (S/N 6166) offered for sale last week had “age” nine days and a raid 32 hours.

“We still positively evaluate defense business of General Dynamics” and while we historically considered Gulfstream as a positive factor, despite the softening tendencies in the business aircraft industry. But disturbing tendencies of the secondary market G650 in the last several months have changed our opinion”, – Walton says. “The required price proceeding to be reduced will begin to interfere with new orders for G650, or even can lead to cancellation at all”.

At the end of January the chairman and the chief executive officer of General Dynamics Feba Novakovich has told that the stock of orders on G650 is filled before the first quarter 2018. Nevertheless, as a result of growth of the offer in the secondary market Deutsche Bank I have lowered the forecast of deliveries of G650 next year from 65 to 55 airplanes and with 60 to 45 – in 2018.

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