1 Wall Street Analyst Thinks Lockheed Martin Stock Is Going to $508. Is It a Buy?
Lockheed Martin (NYSE: LMT) received some support recently, with a Citigroup analyst reiterating a buy recommendation and a price target of $508.
The stock had come under pressure after a Reuters article claimed that President Biden wants an 18% reduction in the number of F-35s the Pentagon orders next year as the administration looks to make savings to meet Congress spending caps.
However, as the analyst notes, history suggests this kind of speculation isn't new, and the result is usually in line with initial projections. In addition, there's no shortage of geopolitical tension right now, and international demand for F-35s remains robust.
Source Fool.com