Lockheed Martin downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded Lockheed Martin (LMT) to Sector Perform from Outperform with a price target of $480, down from $550. The firm believes the F-35 faces greater headline risk for international sales and increased U.S. budget pressure. Further, Lockheed’s recent Next Generation Air Dominance to Boeing loss has raised “fresh questions” on the company’s long-term growth outlook, and the stock’s near-term catalysts are limited, the analyst tells investors in a research note. RBC thinks these factors will remain an overhang on sentiment.