TD Cowen downgrades Lockheed Martin on F-35 overhangs

TD Cowen downgraded Lockheed Martin (LMT) to Hold from Buy with a price target of $480, down from $500. The firm believes the shares could remain range-bound over the next year given the F-35 and execution challenges. It sees a lack of upward estimate revisions for Lockheed limiting the share price appreciation. The “plethora of F-35 overhangs may not clear this year,” the analyst tells investors in a research note.