** Shares of U.S. defense contractor Lockheed Martin LMT.N fall 2% to $430 premarket
** BofA Global Research downgrades LMT to "neutral" from "buy"
** "While it is our expectation that defense budgets will rise, we remain wary of LMT's recent quality of earnings, the loss of all 6th Gen manned tactical aircraft programs and lack of company-specific catalysts in the near term" - brokerage
** Cuts PT to $485 from $685, which still implies a 10% upside to stock's last close
** Last week, U.S. President Donald Trump picked Boeing BA.N over LMT for fighter jet contract
** 12 of 24 brokerages rate LMT "buy" or higher, 11 "hold" and one "sell"; median PT is $525 - data compiled by LSEG
** As of last close, stock down 9.5% YTD
(Reporting by Anshuman Tripathy)
((Anshuman.Tripathy@thomsonreuters.com))
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