BofA analyst Ronald Epstein lowered the firm’s price target on Lockheed Martin to $465 from $520 and keeps a Neutral rating on the shares. Lockheed Martin’s preliminary 2024 outlook was “largely disappointing,” but “the largest disappointment” was that free cash flow is projected to remain flattish at around $6B annually through 2026, the analyst tells investors in a post-earnings note. Despite the current demand environment and shareholder friendly capital deployment, BofA continues to see Lockheed Martin as somewhat “rudderless” and lacking strategic direction.
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