BofA analyst Ronald Epstein downgraded Lockheed Martin (LMT) to Neutral from Buy with a price target of $485, down from $685, after the White House and U.S. Air Force announced that they selected Boeing (BA) over Lockheed as the winner of the USAF’s Next Generation Air Dominance program. The firm had placed significantly higher odds on Lockheed winning the program, as did most industry watchers and investors, says the analyst, who expects shares to be “largely rangebound” in the wake of this decision.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LMT:
- Lockheed Martin downgraded to Hold from Buy at Melius Research
- Lockheed Martin downgraded to Neutral from Buy at BofA
- Boeing’s (BA) Fighter Jet Win Sends Shockwaves Through Lockheed (LMT) and Northrop (NOC)
- Boeing Stock (NYSE:BA) Surges With Monster F-47 Contract
- Boeing NGAD downselection could contribute 25c to future EPS, says Jefferies