Analysts Bump Up Lockheed Martin Price Target Post Q1 Results

Wells Fargo analyst Matthew Akers raised the price target for Lockheed Martin Corp LMT to $496 (an upside of 9%) from $486 while maintaining the Equal-Weight rating on the shares.
The analyst stated that most of LMT's Q1 beat vs. the firm's model was driven by lower tax/interest, while operations were slightly ahead, including a large positive adjustment at MFC.
Akers adds that the lack of guidance raise was disappointing given the beat. However, this sets up LMT for what appears to be fairly easy beats/raises later in the year, which along with improving long-term growth prospects, should be enough to keep interest in the stock high in the current uncertain macro backdrop.
Related: Lockheed Martin Shares Fall After Q1 Revenue Miss
Argus analyst John Eade raised the price target on LMT to $500 from $415 and maintained the Buy rating on the shares.
The analyst states that the company has consistently delivered positive surprises in recent years, irrespective of defense spending and who occupies the White House.
Eade lauds the company's focus on international revenue diversification and expects the ongoing geopolitical tension to aid Lockheed Martin's sales and earnings going forward.
Price Action: LMT shares are trading lower by 1.19% at $454.45 on the last check Wednesday.