Zacks Investment Research downgraded shares of Lockheed Martin Corporation (LMT) from OUTPERFORM to NEUTRAL on October 15, 2012, with a target price of $98.00.
Lockheed Martin Corporation, the largest stand-alone defense contractor's posted 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. Over the longer run, we expect the company to register a stable performance thanks to a 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. However, we believe all these positive factors are already reflected on Lockheed Martin shares and are, therefore, moving back to a Neutral recommendation.
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