Lockheed Martin (LMT) Guides Down After Beating Bloomberg Consensus - BofA Securities

October 27, 2021 9:12 AM EDT
Get Alerts LMT Hot Sheet
Price: $339.96 --0%

Rating Summary:
    14 Buy, 18 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 19 | Down: 14 | New: 41
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BofA Securities analyst Ronald Epstein reiterated a Buy rating and $440.00 price target on Lockheed Martin (NYSE: LMT) after the company reported 3Q21 GAAP EPS from continuing ops of $2.21, above BofAe of $2.18 and BBG mean of $2.01. Adjusting for a $1.3bn (after-tax) noncash pension settlement charge related to the purchase of group annuity contracts, and $98mn unrealized gains related to increases in fair value investments, EPS would have been $6.93. Revenues of $16,028mn were down 2.8% Y/Y, below Bloomberg consensus of $17,136mn. Segment operating margins of 11.5% were up 86bps Y/Y and above expectations for 11.2%.

The analyst stated "LMT released its initial trends for 2022, reflecting supply chain impacts, F-35 production updates and other recent events. Management expects sales at ~$66bn on ~11% segment operating margins and CFO of $8.4bn or greater. We are currently forecasting 2022 $72.3bn sales (vs. BBG $70.4bn) on 11.1% segment margins and CFO of $6.8bn (vs. BBG of $9.0bn). We expect a tepid market reception to the weak topline and lower than expected outlook for 2022."

For an analyst ratings summary and ratings history on Lockheed Martin click here. For more ratings news on Lockheed Martin click here.

Shares of Lockheed Martin closed at $331.91 yesterday.



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