Markets & Finance

Deutsche Bank Raises Lockheed Martin to 'Buy'

Deutsche Bank upgraded Lockheed Martin (LMT) to buy from hold.

Analyst Christopher Mecray says his upgrade was based on valuation upside, strong budget positioning, ongoing peer-leading execution and a possible near-term interest in defense shares on the increasing likelihood of a war with Iraq. Mecray says the government's February budget submission is likely to include all the company's major programs, including both next-generation fighters. He says non-aircraft units also are firm.

Mecray notes a recent pull-back in Lockheed Martin may have been overdone, given the strong growth outlook irrespective of the Iraq situation. He sees 80 cents in fourth quarter earnings per share, $2.55 for 2002, and $2.45 for 2003. He notes his $70 12-month target implies 28% upside potential.

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