UPDATE: J.P. Morgan Reiterates Neutral Rating, Lowers PT for Lockheed Martin

In a report issued earlier today, J.P. Morgan & Co. reiterated its Neutral rating for Lockheed Martin LMT, but slightly lowered its price target from $80.00 to $79.00. J.P. Morgan said they maintained their rating “based on our view that its valuation is fair and the increased risk profile of the company's key F-35 program [the F-35 Lightning II stealth multirole fighter]. While we believe these two factors will limit LMT's upside, the company's strong dividend yield and propensity to repurchase shares should provide downside support.” Lockheed Martin closed yesterday at $91.70.