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Wells Fargo cuts Lockheed Martin target but keeps Equal Weight rating
Wells Fargo said defense spending trends and demand across key programs remain favorable, while it expects aftermarket growth to moderate in the second half of the year.
Wells Fargo lowered its price target for Lockheed Martin to $575 from $650, while maintaining an Equal Weight rating, according to Yahoo Finance. The firm cited an improved overall outlook but said it expects some moderation in aftermarket growth during the second half of the year.
Wells Fargo also pointed to favorable defense spending trends and continued demand across key programs supporting Lockheed Martin's business. At the same time, it expects expectations for future earnings growth are unlikely to rise materially in the near term even as industry fundamentals improve.
Earlier, Citi upgraded Lockheed Martin to Buy from Neutral and raised its price target to $582 from $571. Citi attributed the change to what it described as attractive valuation, strengthening operating performance, and Lockheed Martin's exposure to rapidly expanding defense markets through its Missiles and Fire Control segment, per Yahoo Finance.