BofA lowered the firm’s price target on Lockheed Martin (LMT) to $480 from $495 and keeps a Neutral rating on the shares. While the firm appreciates Lockheed’s portfolio, and sees Missiles and Fire Control as the principal driver of upside in the near-term, it sees near-term risk as the company works through other challenged programs and must reassures investors that risk has truly been reduced. Considering charges at Aeronautics and RMS, the firm lowered its adjusted EPS expectations in 2025 and its EV/EBITDA multiple while the company navigates the challenged programs, margin headwinds and tax uncertainty.
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