Morgan Stanley Raises Lockheed Martin Target to $835 After F-35 Framework

Morgan Stanley raised its price target for Lockheed Martin to $835 from $690 and upgraded the defense contractor to overweight from equal weight. The new target is 38% above Friday’s closing price. Morgan Stanley analyst Kristine Liwag said the 10-year framework for F-35 Lightning II production “takes significant risk out of the stock.” She described the missile production ramp as on pace, with mid-teens growth in missiles and fire control offering upside. Liwag also pointed to third-quarter earnings as positive news on the munitions production ramp. Lockheed reached the framework with the U.S.

Source: TokenPost