Collins Stewart Initiates Coverage on Lockheed Martin (LMT) with a Buy
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Collins Stewart initiates coverage on Lockheed Martin Corp. (NYSE: LMT) with a Buy. Price target $100.
Collins analyst says, "We believe its mid-single digit top-line growth and low double digit bottom line growth will compare favorably to our expectation for modest growth from the market.(If the economy rebounds sharply, the equation changes). Lockheed is well positioned to grow even with flat to declining defense budgets due to its participation on the Joint Strike Fighter (JSF) and other programs that have high funding priorities. The company generates less than 2% of total sales from the supplemental budget, which is likely to decline in the coming years. In addition, we believe the company will continue to utilize its significant free cash flow generation for share repurchases."
Lockheed Martin Corporation principally researches, designs, develops, manufactures, integrates, operates and sustains advanced technology systems, products, and provides a range of management, engineering, technical, scientific, logistic and information services.
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