- BofA analyst Ronald Epstein downgraded Lockheed Martin Corp (NYSE: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.
S&P 500 Snaps 5-Session Losing Streak But Investor Sentiment Eases
The CNN Money Fear and Greed index showed slight easing in the market sentiment despite US stocks recording gains on Thursday.
The S&P 500 closed higher in the previous session, ending its longest losing streak since October.
Data released Thursday showed a modest rise in jobless claims, with continuing claims reaching their highest level since February.
