Citi analyst Jason Gursky lowered the firm’s price target on Lockheed Martin to $555 from $579 and keeps a Buy rating on the shares. Lockheed beat consensus expectations for Q2 and raised full-year guidance, and importantly, its book-to-bill was a solid 1.77-times in the quarter, the analyst tells investors in a research note. Citi is a buyer of the stock given rising global defense budgets, accelerating growth for the company, and management’s focus on shareholder cash returns.
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