Citi analyst Jason Gursky lowered the firm’s price target on Lockheed Martin to $508 from $540 and keeps a Buy rating on the shares. The company’s Q4 was roughly inline with consensus expectations, but the outlook for F-35 deliveries and a less aggressive bounce back in margins weighed on the stock, the analyst tells investors in a research note. The firm says Lockheed pushed expected deliveries of the TR3 version of the F-35 a quarter to Q3 given continued software issues, and it now expects to deliver 75 to 100 aircraft in the second half of 2024. Citi reduced estimates modestly for 2024 and 2025.
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