Lockheed Martin initiated with a Neutral at Citi

Citi initiated coverage of Lockheed Martin (LMT) with a Neutral rating and $505 price target The firm launched coverage on 24 stocks in the aerospace and defense sector, saying the group faces a “number of megatrends” across commercial aerospace, defense, shipbuilding, and space. Citi sees these trends creating at least one trillion-dollar market cap company in the coming years. GE Aerospace could get there in as little as five years, Citi contends. The firm calls RTX “the Marquee Megatrend stock” and believes Boeing is an “unusually attractive mega-cap turnaround” story. The analyst expects improving trends in Q4 and continued momentum in Q1 for the sector.