Wolfe Research maintained a Peer Perform rating on Lockheed Martin following an 8K filing the company released that updated the status of the F-35 Technology Refresh 3 schedule, which dictates the delivery schedule for the F-35 planes to the DoD. The schedule slip was “a more material slip for ’24” than the firm was expecting, the analyst noted, and “implies no F-35 deliveries potentially in all of 1H24.” Wolfe also noted that the F-35 was 27% of Lockheed Martin’s 2022 sales.
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