Lockheed Martin price target raised to $422 from $417 at Wells Fargo

Wells Fargo analyst Matthew Akers raised the price target on Lockheed Martin to $422 from $417 and keeps an Underweight rating on the shares. The firm sees further risk to defense stocks and expects Lockheed Martin’s portfolio to lag peers on worse program mix. 2023 sales/EPS outlook appears achievable, but R&D tax interpretation is a risk to cash flow versus peers, it adds.