UPDATE: Stifel Upgrades Lockheed Martin (LMT) to Buy
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(Updated - November 14, 2016 9:30 AM EST)
Stifel upgraded Lockheed Martin (NYSE: LMT) from Hold to Buy with a price target of $290.00 (from $260.00). Analyst Joseph W. DeNardi thinks the company will be a winner as a result of Trumps victory.
"We’ve been looking for the right opportunity to upgrade LMT, and we believe now is the time. Driving our decision is encouraging commentary regarding 2018 FCF and, to a lesser degree, the outcome of the election, which could drive incremental defense spending dollars to LMT. Given LMT's continued strong execution on F-35, we are less concerned regarding recent pressure associated with news that F-35 contract terms were more onerous than expected and suspect that higher volumes should additional aircraft be added to LRIPs will offset any modest, potential margin pressure in 2018. We are raising our rating on Lockheed to Buy from Hold with a Target Price of $290, based on ~18.5x average FCF in 2016-2018 and supported by our DCF analysis," said DeNardi.
Shares of Lockheed Martin closed at $259.17 yesterday.
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