1203 ET - On the heels of Lockheed Martin losing out to Boeing on the U.S. Air Force's next-generation fighter aircraft, BofA Securities cuts Lockheed to neutral from buy, lowering the price target by $200 to $485. The analysts say in a research report that the decision "capped off a rough month for LMT," adding that the outlook for Lockheed's F-35 is "murkier given the current budget/political environment and a focus on unmanned systems." While the analysts say the realities of the geopolitical environment makes the risk of the F-35 becoming obsolete in the medium term "highly unlikely," they say they wouldn't be surprised if the Defense Department reduces how many F-35s it buys. Lockheed Martin is off 1.3% to $434.15, after falling more than 5% Friday. (katherine.hamilton@wsj.com)
(END) Dow Jones Newswires
March 24, 2025 12:03 ET (16:03 GMT)
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