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)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.