Lockheed Martin price target raised to $538 from $511 at UBS

UBS raised the firm’s price target on Lockheed Martin to $538 from $511 and keeps a Neutral rating on the shares. Lockeed Martin has resumed deliveries of the F-35 after nearly a year-long pause, significantly reducing, but not eliminating, a key overhang on the company’s largest program, the analyst tells investors in a research note. With F-35 risk diminished, UBS expects the narrative to refocus on the core business, which has been delivering strong mid- to high-single digit organic revenue growth. The firm sees improving fundamentals, but some of this looks to be priced in.