Lockheed Martin price target lowered to $575 from $650 at RBC Capital

RBC Capital lowered the firm’s price target on Lockheed Martin (LMT) to $575 from $650 and keeps a Sector Perform rating on the shares. The company’s Q1 results missed estimates and its revenues were flat on the year, impacted by one less working week in the quarter, the analyst tells investors in a research note. Incremental negative EACs – Estimate at Completion – and mixed growth prospects in the remainder of the business will continue to weigh on sentiment, the firm added.