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LMT

Lockheed Martin

$301.51

1.43 (0.48%)

17:57
02/08/19
02/08
17:57
02/08/19
17:57

DOJ sues Lockheed, others for inflated IT subcontract costs

The United States has filed suit against Mission Support Alliance LLC, Lockheed Martin Corporation, Lockheed Martin Services Inc., and Jorge Francisco Armijo for alleged false claims and kickbacks in connection with a multi-billion dollar contract with the Department of Energy to support the environmental cleanup at the Hanford Site near Richland, Washington, the Justice Department announced today. MSA is a Delaware Limited Liability Corporation that, during the time alleged in the lawsuit, was owned by Lockheed Martin Integrated Technology LLC, Jacobs Engineering Group Inc., and Centerra Group. Both Lockheed Martin Integrated Technology and LMSI were wholly-owned subsidiaries of LMC. Armijo is a Vice President of LMC and also served as a President of MSA during the time period in question. The multi-billion dollar MSA Contract with DOE required MSA to provide a number of site-wide services to DOE and to other contractors involved in the clean-up of the Hanford Site. The allegations in the complaint relate to the management and technology solution services that MSA agreed to provide at Hanford. In January 2010, without competition, MSA awarded its affiliate, LMSI, a $232 million subcontract to perform that work from Jan. 1, 2010 through June 2016. The United States' complaint alleges that the defendants knowingly made or caused false statements to the DOE regarding the amount of profit included in the billing rates for LMSI under the subcontract it was awarded by its affiliate, MSA. The complaint also alleges that the defendants' claims for these inflated rates violated the False Claims Act. In addition, the complaint alleges that LMC made payments of more than $1 million to Armijo and other MSA executives in order to obtain improper favorable treatment from MSA with respect to the award of the LMSI subcontract at the inflated rates. The complaint further alleges that these payments violated the Anti-Kickback Act.

LMT Lockheed Martin
$301.51

1.43 (0.48%)

01/10/19
01/10/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Ship Finance (SFL) initiated with a Neutral at B. Riley FBR. 2. Wipro (WIT) initiated with a Hold at Deutsche Bank. 3. Boeing (BA), Lockheed Martin (LMT), and Raytheon (RTN) were initiated with a Positive at Susquehanna while Northrop Grumman (NOC) and General Dynamics (GD) were initiated with a Neutral. 4. Dollar General (DG) initiated with an Outperform at BMO Capital while Dollar Tree (DLTR) was initiated with a Market Perform. 5. Verint (VRNT) initiated with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/10/19
01/10/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Lockheed Martin (LMT) downgraded to Equal Weight from Overweight at Morgan Stanley. 2. JetBlue (JBLU) downgraded to Neutral from Overweight at JPMorgan with analyst Jamie Baker lowering his price target for the shares to $18 from $20. 3. Weatherford (WFT) downgraded to Market Perform from Outperform at BMO Capital with analyst Daniel Boyd saying the stock represents a "call-option on the oil cycle," but sees that option "suffering from time decay" and an adverse macro environment. 4. Yelp (YELP) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Brian Nowak saying he identified three building revenue headwinds that he believes will lead to negative revisions and underperformance of the stock. 5. Dollar Tree (DLTR) downgraded to Perform from Outperform at Oppenheimer with analyst Rupesh Parikh saying he now views shares as fully valued and sees the case for upside as less attractive. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/10/19
01/10/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Constellation Brands (STZ) upgraded to Buy from Neutral at Goldman Sachs and to Neutral from Sell at Guggenheim. 2. Boeing (BA) upgraded to Overweight from Equal Weight at Morgan Stanley. 3. Lockheed Martin (LMT) upgraded to Buy from Hold at Vertical Group. 4. United Continental (UAL) upgraded to Overweight from Neutral at JPMorgan while Alaska Air (ALK) was upgraded to Neutral from Underweight. 5. Twitter (TWTR) double upgraded to Buy from Underperform at BofA/Merrill with analyst Justin Post citing a survey he conducted which showed Twitter penetration increased to 48% of respondents and the percentage of users reporting deceased usage fell slightly. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/10/19
SUSQ
01/10/19
INITIATION
Target $321
SUSQ
Positive
Lockheed Martin initiated with a Positive at Susquehanna
Susquehanna analyst Charles Minervino initiated Lockheed Martin with a Positive rating as he believes it should be a prime beneficiary of strong global defense spending. He expects its earnings growth will drive free cash flow generation in the coming years, providing opportunities for additional dividend increases, debt reduction, share repurchases and potential acquisitions. Minervino has a $321 price target on Lockheed Martin shares.

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