Zacks Investment Research upgraded shares of Lockheed Martin Corporation (LMT) from NEUTRAL to OUTPERFORM on July 30, 2012, with a target price of $108.00.
We have upgraded our recommendation on Lockheed Martin Corporation to Outperform from Neutral based on a strong second-quarter beat, an improved earnings guidance, an incremental dividend payout and a stable order backlog. Solid second-quarter earnings were supported by strong numbers from the Aeronautics, Electronic Systems and Space Systems segments. Going forward we believe the current discounted valuation of the defense behemoth compared with other defense primes is unwarranted given its leveraged presence in the Army, Air Force, Navy and IT programs. Also, shareholder return will continue to be shored up by the company's focus on debt repayment, its ongoing share repurchase program and the incremental dividend.
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