Citi lowered the firm’s price target on Lockheed Martin to $540 from $555 and keeps a Buy rating on the shares. The company’s Q3 results were roughly in-line with consensus and management made no changes to revenue and earnings guidance for 2023, or the outlook for restarting F-35 deliveries, the analyst tells investors in a research note. The firm modestly decreased margin, earnings and cash flow estimates for 2024 and 2025 to reflect mix, higher interest costs, inventory timing related to the F-35, and likely pension contributions given the interest rate and asset return environment.
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