Lockheed Martin price target lowered to $440 from $480 at RBC Capital

RBC Capital analyst Ken Herbert lowered the firm’s price target on Lockheed Martin (LMT) to $440 from $480 and keeps a Sector Perform rating on the shares. Lockheed Martin’s Q2 results were “soft,” with $1.6B of program losses driving a 78% miss in EPS, the analyst tells investors in a research note. The path to free cash flow growth over the next few years is challenged, the firm says.