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Lockheed Martin: Wells Fargo upgrades stock

(CercleFinance.com) - Wells Fargo has upgraded its rating on Lockheed Martin shares from "underweight" to "equal weight", as the aerospace and defense group's stock has fallen below its target price (which the broker maintains at $440).


"While we still see only modest growth for LMT in the coming years, consensus factors this in (2-3% YOY growth)", the broker believes, also pointing to its low valuation.

While analysts still believe that the group's cash position could come under pressure in comparison with its peers, they believe that it will benefit modestly in 2024 from an increase in F-35 deliveries thanks to a catch-up effect.


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