JPMorgan analyst Seth Seifman downgraded Lockheed Martin (LMT) to Neutral from Overweight with a price target of $515, up from $465, as part of its aerospace and defense outlook for 2026. The outlook for sector remains mostly positive into 2026, the analyst tells investors in a research note. The firm cites its our out-year cash flow estimates being below consensus for the downgrade of Lockheed Martin. The company’s pension cash flow headwind in 2027 should make it difficult to grow cash flow, contends JPMorgan.
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