As previously reported, BofA upgraded Lockheed Martin to Buy from Neutral with a price target of $635, up from $465. Lockheed’s upgraded F-35s with Tech Refresh-3 packages have restarted deliveries, notes the firm, which views the company as poised to outperform on strong global demand across segments as it anticipates Lockheed benefiting from ramping programs like the PAC-3, HIMARS, JASSM, and LRASM. Meanwhile, demand for new deliveries in legacy programs like the F-35 and Black Hawk is “rampant,” the analyst tells investors.
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