RBC Capital analyst Ken Herbert upgraded Lockheed Martin to Outperform from Sector Perform with a price target of $600, up from $500. The analyst believes investor sentiment is improving, saying the company has seen a positive inflection in its sales growth, the resumption of F-35 deliveries is lifting an overhang, and the outlook for the MFC segment is improving. With the stock trading at just 19.8-times RBC’s 2025 free cash flow estimate, Lockheed’s valuation is attractive, the analyst tells investors in a research note.
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