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GD

General Dynamics

$184.53

-0.06 (-0.03%)

, LMT

Lockheed Martin

$313.24

4.73 (1.53%)

12:36
11/10/18
11/10
12:36
11/10/18
12:36

'Plenty of headroom' for Boeing, Lockheed Martin, Ron Epstein tells Barron's

With defense stocks stalling ahead of the midterm elections, Barron's Bill Alpert asked Ron Epstein, who has been covering the aerospace business for Merrill Lynch since 2001, to re-evaluate the sector. Epstein sees plenty of headroom for Boeing (BA), Lockheed Martin (LMT), and General Dynamics (GD), among others, the report says. Reference Link

GD

General Dynamics

$184.53

-0.06 (-0.03%)

LMT

Lockheed Martin

$313.24

4.73 (1.53%)

BA

Boeing

$369.34

-1.46 (-0.39%)

GD General Dynamics
$184.53

-0.06 (-0.03%)

09/21/18
09/21/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. UBS SAYS BUY AT&T: UBS analyst John Hodulik upgraded AT&T (T) to Buy and raised his price target for the shares to $38 from $33, noting that the stock is trading near all-time low valuations and at its widest valuation gap to Verizon (VZ). The Time Warner transaction and accounting changes "have compounded [other] issues, leading to a loss of visibility for investors," but his work indicates that AT&T will return to EBITDA growth in the second half of 2018, after a 6% decline in the first half, due to growth in Wireless and WarnerMedia as well as slower declines in Entertainment. JPMORGAN GOES TO BULL FROM BEAR ON NOVAVAX: JPMorgan analyst Eric Joseph double upgraded Novavax (NVAX) to Overweight from Underweight saying the risk/reward is favorable into the report of Prepare trial data in Q1 of 2019. The trial is assessing the efficacy of the company's RSV F Vaccine for infants via maternal immunization and the analyst believes the shares can hit a range of $2.00 to $2.25, he told investors. JPMORGAN SUGGESTS BEING SHORT COPART, LONG KAR: JPMorgan analyst Ryan Brinkman downgraded Copart (CPRT) to Underweight and lowered his price target for the shares to $47 from $48. The company reported softer than expected Q4 results this week but trades at "near record multiples" of earnings and EBITDA, Brinkman told investors. The analyst sees a potential pair trade in going long KAR Auction (KAR) shares, and short Copart shares, to capitalize on the "valuation disconnect." LOOP SETS $8.25 TARGET ON HARMONIC: Loop Capital analyst James Kisner initiated Harmonic (HLIT) with a Buy rating and $8.25 price target, saying he believes Harmonic can "drive robust revenue growth on its Cable Edge business as cable operators like Comcast (CMCSA, CMCSK) adopt its virtual CCAP/CMTS solution," and that the company's video business with stabilize. 'DON'T PANIC' OVER DOD PROPOSAL: Morgan Stanley analyst Rajeev Lalwani attributes the underperformance in Defense stocks over the last two days compared to the broader market to heightened concerns around a month old proposal from the Department of Defense to adjust progress and performance payments down to 50% from 80% of cost, which would effectively slow the timing of cash flow receipts closer to when a project is complete. He sees a number of reasons not to panic, mainly because he believes that the Administration will not move forward with a proposal industry-players will paint as being anti-business and anti-defense spending. Publicly-traded defense contractors include General Dynamics (GD), Huntington Ingalls (HII), L3 Technologies (LLL), Lockheed Martin (LMT), Northrop Grumman (NOC) and Raytheon (RTN).
10/25/18
FBCO
10/25/18
NO CHANGE
Target $216
FBCO
Outperform
General Dynamics price target lowered to $216 from $229 at Credit Suisse
Credit Suisse analyst Robert Spingarn lowered his price target for General Dynamics to $216 from $229 as softer sales and questions on 2019 drive selloff in the shares. The analyst reiterates an Outperform rating on the shares.
10/25/18
WELS
10/25/18
NO CHANGE
Target $210
WELS
Outperform
General Dynamics price target lowered to $210 from $250 at Wells Fargo
Wells Fargo analyst Sam Pearlstein lowered his price target for General Dynamics to $210 from $250 due to the overall multiple compression in defense stocks. The analyst believes the stock's post-Q3 sell-off had several causes, including a slight EPS miss, a lower Aerospace backlog, and downward revenue revisions in three segments. Still, Pearlstein believes General Dynamics' core defense business is positioned for solid growth, while Gulfstream volumes should improve as soon as Q4. He reiterates and Outperform rating on the shares.
10/24/18
STFL
10/24/18
NO CHANGE
Target $200
STFL
Hold
General Dynamics price target lowered to $200 from $210 at Stifel
Stifel analyst Joseph DeNardi lowered his price target for General Dynamics to $200 from $210 following mixed results as revenue guidance softens. The analyst views the supply chain issues affecting General Dynamics as fixable, while demand at Gulfstream and GD's defense business remains healthy. However, General Dynamics is going to be "treated differently by the market relative to its purer-play defense peers when cycle-related selloffs materialize like today," he contends. DeNardi reiterates a Hold rating on the shares.
LMT Lockheed Martin
$313.24

4.73 (1.53%)

10/03/18
FBCO
10/03/18
NO CHANGE
Target $368
FBCO
Neutral
Lockheed Martin price target raised to $368 from $340 at Credit Suisse
Credit Suisse analyst Robert Spingarn raised his price target for Lockheed Martin to $368 from $340 as his in-depth review of both the F-35 program and the broader business suggests that the bear case largely misses the mark. The analyst believes that Aeronautics and MFC will remain Lockheed's growth leaders over the next several years, and expects growth in Aeronautics to slow but remain positive beyond 2020 as rising F-35 sustainment revenues are only partially offset by C-130J headwinds and plateauing F-35 procurement quantities. RMS faces Black Hawk headwinds in the near-term, but growth should pick up in 2020 and beyond, he contends, adding that space should grow modestly in the near-term. The analyst reiterates a Neutral rating on the shares.
10/24/18
GSCO
10/24/18
UPGRADE
Target $394
GSCO
Conviction Buy
Lockheed Martin upgraded to Conviction Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Noah Poponak upgraded Lockheed Martin to Buy and added the shares to his firm's Conviction List. He also raised his price target for the shares to $394 from $391.
10/24/18
FBCO
10/24/18
NO CHANGE
Target $357
FBCO
Neutral
Lockheed Martin price target lowered to $357 from $368 at Credit Suisse
Credit Suisse analyst Robert Spingarn lowered his price target for Lockheed Martin to $357 from $368 following quarterly results. The analyst reiterates a Neutral rating on the shares.
10/24/18
10/24/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Lockheed Martin (LMT) upgraded to Conviction Buy from Neutral at Goldman Sachs with analyst Noah Poponak raising his price target for the shares to $394 from $391. 2. Paccar (PCAR) upgraded to Overweight from Neutral at Piper Jaffray with analyst Alexander Potter saying Paccar's brands boasted the highest level of brand loyalty in his firm's survey of 743 U.S.-based fleets. 3. Morgan Stanley (MS) upgraded to Outperform from Market Perform at Wells Fargo with analyst Mike Mayo saying this means he now recommends 5 out of 5 of the largest U.S. wholesale banks. 4. 3D Systems (DDD) upgraded to Neutral from Underweight at Piper Jaffray with analyst Troy Jensen saying while Piper's Q3 survey "showed another poor performance" from 3D Systems' resellers, the company's "significant direct sales win" with Align Technology (ALGN) will continue to allow 3D Systems to report "impressive" year-over-year product growth for the next few quarters. 5. Lululemon (LULU) upgraded to Buy from Hold at Canaccord with analyst Camilo Lyon saying he recommends taking advantage of the recent 15% pullback as he believes the risk/reward is now skewed to the upside. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BA Boeing
$369.34

-1.46 (-0.39%)

10/25/18
JEFF
10/25/18
NO CHANGE
Target $420
JEFF
Buy
Boeing price target raised to $420 from $415 at Jefferies
In a post-earnings research note titled "When The Boeing is Good....," Jefferies analyst Sheila Kahyaoglu raised her price target for Boeing shares to $420 from $415. The analyst says the company's Q3 results highlighted many of the trends that support her Buy investment thesis, including productivity-driven earnings growth and cap deployment optionality.
10/24/18
ADAM
10/24/18
NO CHANGE
Target $350
ADAM
Hold
Boeing missed on earnings when backing out tax benefit, says Canaccord
Canaccord Genuity analyst Ken Herbert says that while Boeing missed earnings expectations this morning when excluding a 71c per share tax benefit, he continues to be impressed with its cash generation. Boeing increased its full year adjusted earnings per share guidance to $15.00, reflecting tax, upside in commercial airplanes, and the addition of KLX into the Services business, but kept its free cash flow outlook unchanged, Herbert tells investors in a post-earnings research note. The analyst, while continuing to see pressure to its long-term margin targets, believes investor concerns about tariffs and interest rates "have subsided to an extent," and that Boeing's "strong" free cash flow in the quarter is a positive catalyst for the stock. He keeps a Hold rating on the name with a $350 price target. Boeing in early trading is up 3%, or $10.16, to $360.21.
10/25/18
ADAM
10/25/18
NO CHANGE
Target $360
ADAM
Hold
Boeing price target raised to $360 from $350 at Canaccord
Canaccord analyst Ken Herbert raised his price target for Boeing to $360 from $350 following the company's quarterly results. In a research note to investors, Herbert says that while the results were better than expected and the stock significantly outperformed the broader market, he is maintaining a Hold rating. He continues to see pressure to the long-term margin rates, investment sentiment around the NMA, macro risk and new program development in both the commercial and defense markets, but acknowledges that free cash flow remains strong and Boeing has basically won what he views as the "must-win" BDS competitions.
10/26/18
BERN
10/26/18
NO CHANGE
Target $440
BERN
Outperform
Boeing price target raised to $440 from $426 at Bernstein
Bernstein analyst Douglas Harnad raised his price target on Boeing to $440 from $426 following the company's "strong" Q3 results, telling investors in a research note that the main driver of Q3 was Boeing Commercial Airplanes performance, with margins above his estimates. Harnad does not expect the company's deals on the T-X trainer and the MQ-25 aircraft to derail an otherwise positive story at Boeing, as stock performance is dominated by BCA. Harnad has an Outperform rating on shares.

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XPO

XPO Logistics

$52.01

-7.535 (-12.65%)

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