Bernstein raised the firm’s price target on Lockheed Martin (LMT) to $545 from $497 and keeps a Market Perform rating on the shares ahead of quarterly results. For Q3, Lockheed Martin has a top line growth outlook based on substantial orders for F-35, CH-53K, PAC-3, and other programs. However, the company has had operational challenges in Aeronautics, MFC, and RMS that have resulted in recent charges. Progress toward stabilizing performance on fixed-price development programs will be a key watch item for Q3 earnings, Bernstein adds.
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