JPMorgan analyst Seth Seifman resumed coverage on Lockheed Martin with a Neutral rating and $284 price target.

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Backs FY24 free cash flow view $6B-$6.3B; FY24 CapEx view ~$1.75B.

Backs FY24 revenue view $68.5B-$70B, consensus $69.51B.

Lockheed Martin was awarded a $156.99M cost-plus-fixed-fee contract for Joint Air-to-Surface Standoff Missile, or JASSM, enterprise software. This contract provides for the sustainment, modernization, and advancement of JASSM enterprise management software; operational real-time combat analysis systems; SMART-Sync software; mission optimization analysis and reporting capabilities; terminal area model automation systems engineering, integration, and test; and enhanced JASSM advanced training. Work will be performed at King of Prussia, Pennsylvania, and is expected to be completed by April 21, 2025. This contract was a sole source acquisition. FY24 operation and maintenance funds in the amount of $10M are being obligated at time of award for the base year, along with procurement funds of $602,555. The Air Force Life Cycle Management Center is the contracting activity.