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LMT

Lockheed Martin

$341.90

2.46 (0.72%)

09:57
04/12/18
04/12
09:57
04/12/18
09:57

Lockheed Martin in focus after Pentagon again halts F-35 deliveries

Shares of Lockheed Martin (LMT) are in focus after a report that the U.S. Department of Defense has again stopped accepting deliveries of the company's F-35 jets. PENTAGON HALTS F-35 DELIVERIES: The Pentagon has stopped accepting most deliveries of F-35 jets from Lockheed Martin due to a fight over who will cover costs for fixing a production error found last year on over 200 of the jets, Reuters reported Wednesday. "Production on the F-35 program continues and we are confident we will meet our delivery target of 91 aircraft for 2018," a Lockheed spokeswoman said. "While all work in our factories remains active, the F-35 Joint Program Office has temporarily suspended accepting aircraft until we reach an agreement on a contractual issue and we expect this to be resolved soon." The move comes after the Department of Defense stopped accepting deliveries for 30 days in 2017 after finding corrosion where the carbon fiber exterior panels were fastened to the airframe. Deliveries resumed after a fix had been developed and Lockheed achieved its target aircraft delivery numbers for 2017. Deliveries have been halted again due to an argument over who will pay for the likely complex logistical fix that may require technicians to travel widely to fix the aircraft based around the world. In addition, the weapons program experienced a slowdown of deliveries in 2016 as a fix was necessary for insulation problems in the fuel tanks and lines of the jets. WHAT'S NOTABLE: The latest annual program review published by the U.S. Department of Defense has called on Lockheed Martin to reduce the current forecast of $1.1T to maintain the F-35 jetfighter program through 2077, Bloomberg reported on April 5. The document demanded that the company "embrace much-needed supply chain management affordability initiatives" in order to decrease costs on the next-generation stealth fighter. The $1.1T estimate to sustain the U.S. fleet was compiled in 2015 by the Pentagon's independent cost assessment office but has not yet been updated. It is expected to be updated next year prior to a meeting of acquisition officials to decide whether the program should enter full-production. The report said that under current estimates, "the projected F-35 sustainment outlays are too costly" and "given planned fleet growth, future U.S. service operations and support budgets will be strained." PRICE ACTION: Lockheed Martin rose 0.8% to $342.40 in morning trading.

  • 30

    May

LMT Lockheed Martin
$341.90

2.46 (0.72%)

02/06/18
ARGS
02/06/18
NO CHANGE
Target $385
ARGS
Buy
Lockheed Martin price target raised to $385 from $340 at Argus
Argus analyst John Eade raised his price target on Lockheed Martin to $385 and kept his Buy rating, with the stock outperforming relative to the broader market over the past quarter. Eade notes that a "GOP-controlled House, Senate and White House should bode well for defense spending", while the company's management has a history of "managing through challenges". The analyst adds that his new price target assumes "continued strong earnings based on increased U.S. and international defense spending".
03/02/18
BERN
03/02/18
NO CHANGE
Target $255
BERN
Outperform
Raytheon remains 'top pick' in defense sector, says Bernstein
Bernstein analyst Douglas Harned continues to view Raytheon (RTN) as his "top pick" in the defense space in light of recent Q4 results and progress on the defense budget, which is "more positive" following an agreement in Congress on budget top lines for FY18 and FY19, and publication of a President's budget request for FY19. In a research note to investors, Harned said that while yesterday's announcement of 25% tariffs on steel and 10% on aluminum is negative, most defense contracts should be protected by long-term agreements. Raytheon's business mix, with 40% of revenues coming from missile defense and tactical missiles, looks "most positive," he said, but noted that other defense names, including General Dynamics (GD), Huntington Ingalls (HII), Lockheed Martin (LMT) and Northrop Grumman (NOC), are all rated Market Perform given high valuations.
03/29/18
LEHM
03/29/18
INITIATION
Target $369
LEHM
Equal Weight
Lockheed Martin initiated with an Equal Weight at Barclays
Barclays analyst David Strauss started Lockheed Martin (LMT) with an Equal Weight rating and $369 price target. The analyst believes expectations for U.S. Aerospace & Defense are too low and initiated the sector with a Positive rating. Fundamentals look poised to deliver accelerating growth against consensus, the analyst contends. He favors TransDigm Group (TDG) in Aerospace and his top pick overall is L3 Technologies (LLL).
03/29/18
03/29/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Boeing (BA), Allegheny Technologies (ATI), Textron (TXT), Spirit AeroSystems (SPR), Northrop Grumman (NOC), Bombardier (BDRBF), Huntington Ingalls (HII), L3 (LLL) and General Dynamics (GD) were initiated with an Overweight at Barclays, while Arconic (ARNC), Harris (HRS), Lockheed Martin (LMT), Triumph Group (TGI), Raytheon (RTN) and Hexcel (HXL) initiated with an Equal Weight and Esterline (ESL) and BWX Technologies (BWXT) were initiated wtih an Underweight. 2. Spotify (SPOT) initiated with an Outperform at RBC Capital. 3. International Paper (IP) initiated with a Buy at UBS. 4. American Homes 4 Rent (AMH) and Invitation Homes (INVH) initiated with an Outperform at Baird. 5. Pilgrim's Pride (PPC) initiated with a Buy at Mizuho. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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