UBS lowered the firm’s price target on Lockheed Martin to $465 from $470 and keeps a Neutral rating on the shares following the Q3 earnings report. Lockheed’s preliminary commentary for 2024 for low-single digit 2024 revenue growth de-risks to some extent, but also highlights headwinds, the analyst tells investors in a research note. The bridge to achieving flat/positive free cash flow growth over the next few years already looked reliant on working capital contribution, and with Lockheed indicating higher pension funding requirements, the firm now sees free cash flow down y/y in both 2024 and 2025.
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