These Analysts Revise Their Forecasts On Lockheed Martin Following Strong Q2 Results

Lockheed Martin Corp LMT reported better-than-expected second-quarter earnings.

Lockheed Martin reported second-quarter FY23 net sales growth of 8.1% year-over-year to $16.69 billion, above the consensus of $15.91 billion. Adjusted EPS of $6.73 (+6.5% Y/Y) topped the consensus of $6.45.

Lockheed Martin expects FY23 net sales of ~$66.25 billion - $66.75 billion (prior view $65 billion -$66 billion) versus the consensus of $65.84 billion. It sees EPS of ~$27.00 - $27.20 (prior view ~$26.60-$26.90) versus the consensus of $27.15.

Lockheed Martin shares fell 3% to close at $455.70 on Tuesday, but added 0.7% in today’s pre-market trading.

These analysts made changes to their price targets on Lockheed Martin following earnings announcement.

• Citigroup lowered the price target on Lockheed Martin from $579 to $555. Citigroup analyst Jason Gursky maintained a Buy rating.
• Wells Fargo increased the price target on Lockheed Martin from $433 to $440. Wells Fargo analyst Sarah Akers maintained an Underweight rating.
• RBC Capital cut the price target on the stock from $500 to $475. RBC Capital analyst Ken Herbert maintained Lockheed Martin with a Sector Perform.

Read This Next: Over $27M Bet On This Consumer Cyclical Stock? Check Out These 3 Penny Stocks Insiders Are Aggressively Buying