- BofA analyst Ronald Epstein downgraded Lockheed Martin Corp LMT to Neutral from Buy and lowered the price target to $375 (an upside of 13%), from $440, after the company reported Q3 results and gave a longer-term outlook for sales growth to decline about $1 billion year-over-year in 2022.
- Epstein noted while growth is presumed to grow steadily thereafter, "this was not well received as the story does not fit the broader narrative," with defense budgets not declining.
- While introducing a shareholder-friendly cash deployment strategy with new share buyback plans, Epstein added that this shows "a fairly-quick pivot" in strategy away from the initial focus on inorganic growth via M&A since the current management team took the reins.
- Price Action: LMT shares are trading higher by 0.33% at $333.41 on the last check Monday.
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