Lockheed Martin double upgraded to Outperform at Credit Suisse

Credit Suisse analyst Scott Deuschle upgraded Lockheed Martin (LMT) to Outperform from Underperform with a price target of $510, up from $427, based on the firm’s updated sector outlook, improved confidence in Lockheed’s growth inflection and alignment in the firm’s out-year EBIT growth forecasts between Lockheed and Northrop Grumman (NOC), which Credit Suisse believes "argues for a relative multiple rerating." A weak book-bill was a primary driver of the firm’s prior Underperform rating, but the company has now reported three consecutive quarters with book-bill ratio greater than 1.0 times, the firm noted.