Morgan Stanley analyst Kristine Liwag downgraded Lockheed Martin (LMT) to Equal Weight from Overweight with a price target of $543, down from $630, as part of its 2026 outlook for aerospace and defense. The firm sees aerospace and defense as attractive going into 2026, saying demand continues to outpace supply growth. The defense sector offers good value as the stocks are not reflecting the growth in U.S. defense budget, the analyst tells investors in a research note.
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