Lockheed Martin price target raised to $525 from $508 at Citi

Citi analyst Jason Gursky raised the firm’s price target on Lockheed Martin to $525 from $508 and keeps a Buy rating on the shares. Lockheed beat consensus expectations for Q1, which may not have fully reflected the additional week in the quarter, the analyst tells investors in a research note. The firm believes the bias to the unchanged 2024 outlook looks positive. Importantly, the F-35 program appears to be going through a mini re-baselining that will allow for less capable aircraft to be delivered in Q3, with fully capable units set for next year, says Citi.