Lockheed Martin selloff on Reuters report overdone, says Citi

Citi keeps a Buy rating on Lockheed Martin with a $508 price target after Reuters reported the Department of Defense might be considering an 18% reduction to F-35 volumes in its upcoming 2025 budget request to Congress. The selloff in shares of Lockheed Martin looks overdone, as such a cut would be a sharp departure from the program of record, these types of reports happen frequently before budget releases and typically lead to unit volumes being recovered through Congressional processes, and international demand remains solid, the analyst tells investors in a research note.