Benzinga | Jan 26, 2022 02:14PM EST

Analysts Bump Up Lockheed Martin Price Target After Solid Q4 Results

Analysts updated the price target for Lockheed Martin Corp (NYSE:LMT) after it reported better than--expected Q4 results.

* UBS analyst Myles Walton raised the price target to $425 (an upside of 8.7%) from $410 and kept a Buy rating on the shares.

* The analyst says the company's Q4 results were "solid," reversing the softer Q3 print.

* Walton adds that Lockheed's better-than-expected Q4 free cash flow, lack of additional negatives, forward-leaning posture on capital return, the unfavorable FTC decision on the Aerojet Rocketdyne Holdings Inc (NYSE:AJRD) deal, and a lower research amortization rule impact all combined for a "nice bounce" in the stock.

* Related Content: Aerojet Rocketdyne Stock Plummets As FTC Sues To Block Lockheed Martin Deal.

* Baird analyst Peter Arment increased the price target to $425 from $376 and maintained a Neutral rating on the shares.

* The analyst sees a healthy buyback activity limiting the downside in the shares near-term coupled with an attractive valuation vs. peers and the overall market.

* Susquehanna analyst Charles Minervino raised the price target to $445 (an upside of 13.7%) from $400 and maintained a Positive rating on the shares.

* Minervino says the company reported a solid set of quarterly results to cap off 2021 and enters the new year against the backdrop of a modestly better than expected outlook for U.S. defense spending in fiscal 2022.

* The analyst expects them to generate strong cash flows and maintain an attractive capital return policy, looking past near-term headwinds and towards longer-term growth.

* Wells Fargo analyst Matthew Akers raised the price target to $400 (an upside of 2.3%) from $379 and kept an Equal-Weight rating on the shares.

* Morgan Stanley increased the price target to $450 (an upside of 15%) from $430 and maintained an Overweight rating on the shares.

* Price Action: LMT shares are trading higher by 1.07% at $391.33 on the last check Wednesday.