- Cowen analyst Cai von Rumohr downgraded Lockheed Martin Corp LMT to Market Perform from Outperform and lowered the price target to $375 (implying an upside of 6.55%) from $400.
- The analyst feels Lockheed Martin still offers well-supported peer-hi yields on its dividend and free cash flow; its relative upside looks capped by pared F-35 delivery plans, disappointing initial 2022 guidance, and other overhangs.
- He believes Aerojet Rocketdyne Holdings Inc AJRD would be a good strategic fit that could add 40c-45c to pro forma adjusted EPS in 2022.
- Also Read: Lockheed Martin, Pentagon Agree On F-35 Production Rebaseline
- Price Action: LMT shares are trading higher by 0.24% at $353.01 during the premarket session on Wednesday.
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