Lockheed Martin price target lowered to $530 from $575 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Lockheed Martin (LMT) to $530 from $575 and keeps an Overweight rating on the shares. Lockheed recognizing $1.8B in charges across multiple programs this quarter “took the market by surprise,” the analyst tells investors. Despite the charges compounding “already-low sentiment,” the firm argues that valuation for the largest U.S. Defense pure-play at a time when global budgets are accelerating has “become too cheap to ignore.”