Lockheed Martin price target lowered at Argus, weakness a buying opportunity

Argus analyst John Eade lowered the firm’s price target on Lockheed Martin (LMT) to $510 from $600 and keeps a Buy rating on the shares. The firm tells investors that shares have underperformed the market over the past quarter, and the recent weakness offers a buying opportunity. Demand is strong, with a Q4 book-to-bill ratio of 1.6x, and going forward, Argus expects Lockheed to benefit from its record backlog and existing government contracts.