1113 ET - Lockheed Martin is losing ground as a defense leader, Bank of America analysts say, downgrading the stock to neutral from buy. Earlier this month, the Air Force chose Boeing over Lockheed Martin as the winner for its Next Generation Air Dominance. Boeing will work on developing a manned fighter jet dubbed the F-47 in a project estimated to top $50 billion, WSJ reported. The defense contractor was also knocked out of competition for the Navy's 6th generation FA-XX program. "This begs the question as to what LMT's future is as a Prime Contractor in a 6th gen fighter world if they are not leading the development of any of the manned 6th gen program," the analysts say. (katherine.hamilton@wsj.com)
(END) Dow Jones Newswires
March 24, 2025 11:13 ET (15:13 GMT)
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