RBC Capital analyst Ken Herbert lowered the firm’s price target on Lockheed Martin to $470 from $475 and keeps a Sector Perform rating on the shares. The company’s Q4 earnings and free cash flows were “strong” but sales were down 1% and operating margins were 10 bps lower when compared to Q4 of last year, the analyst tells investors in a research note. RBC further warns that a material positive inflection in margins remains elusive, and the timing on the company’s potential new programs wins is “difficult to predict”.
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