Why Lockheed Martin Stock Soared While the Market Sagged Today
An analyst's bullish new note on Lockheed Martin (NYSE: LMT) and the wider U.S. defense sector provided lift to the company's stock on an otherwise bearish Wednesday trading session. Lockheed Martin's shares closed the day almost 2% higher in price, providing quite the contrast to the tumbling S&P 500's (SNPINDEX: ^GSPC) 2.2% decline.The analyst in question was Kristine Liwag of veteran white-shoe investment bank Morgan Stanley. Well before market open that day, Liwag changed her Lockheed Martin recommendation to overweight (i.e., buy) from equal weight (hold). In doing so, she added $50 per share to his price target on the storied defense stock, to $575 per share.The pundit's new take on the company was part of a broader Morgan Stanley update on defense industry stocks. According to reports, the investment bank rates the entire sector as "attractive," as opposed to its formerly cautious view that it'll be an in-line performer. The company sees the U.S. defense budget being set at $1 trillion this year, amid growing international exports of combat goods, as a positive for these stocks. Continue reading
An analyst's bullish new note on Lockheed Martin (NYSE: LMT) and the wider U.S. defense sector provided lift to the company's stock on an otherwise bearish Wednesday trading session. Lockheed Martin's shares closed the day almost 2% higher in price, providing quite the contrast to the tumbling S&P 500's (SNPINDEX: ^GSPC) 2.2% decline.
The analyst in question was Kristine Liwag of veteran white-shoe investment bank Morgan Stanley. Well before market open that day, Liwag changed her Lockheed Martin recommendation to overweight (i.e., buy) from equal weight (hold). In doing so, she added $50 per share to his price target on the storied defense stock, to $575 per share.
The pundit's new take on the company was part of a broader Morgan Stanley update on defense industry stocks. According to reports, the investment bank rates the entire sector as "attractive," as opposed to its formerly cautious view that it'll be an in-line performer. The company sees the U.S. defense budget being set at $1 trillion this year, amid growing international exports of combat goods, as a positive for these stocks.
