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Shares of General Dynamics (GD)  are up 2% Monday after analysts at Goldman Sachs upgraded the company's stock to buy from neutral.

The firm maintained its price target of $204 per share. The price target represents a potential 23% upside from its previous closing price of $166.37. 

Goldman Sachs bullish view is due to a decline in valuation relative to its peers in the space. Analyst Noah Poponak also sees the margins for the company's Gulfstream private jet line rising. 

Fellow industrials and defense stocks were rising in tandem with General Dynamics following Goldman's note.

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Northrop Grumman (NOC) shares are rising 2% Monday, while Raytheon (RTN) shares are up 1.56%, and Lockheed Martin (LMT) is gaining 1.44%.