Lockheed Martin price target lowered to $453 from $498 at UBS

UBS lowered the firm’s price target on Lockheed Martin (LMT) to $453 from $498 and keeps a Neutral rating on the shares. UBS says it is hard to gain confidence that Lockheed Martin is out of the woods on its challenged fixed-price programs, and coupled with the pension headwind and classified cash drag, the firm sees limited free cash flow growth over the near-term, the analyst tells investors in a research note. At the same time, the guidance update could ultimately prove to be a reset, with new CFO Evan Scott also getting ahead of the 2026 free cash flow conversation and finally baselining pension contributions into the guide, the firm says.