Wells Fargo raised the firm’s price target on Lockheed Martin to $480 from $460 and keeps an Equal Weight rating on the shares. The firm remains on the sidelines on Lockheed Martin where it sees further MFC option exercises pressuring margins and restart of pension contributions limiting 2025 free cash flow growth. Restart of F-35 TR-3 deliveries in Q3 is positive and munitions could provide longer term upside, Wells adds.
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