LMT - Lockheed L3Harris fall after Wells Fargo downgrades on U.S. budget outlook
Lockheed Martin ( LMT ) -1.8% and L3Harris ( LHX ) -2% declined on Wednesday after analysts at Wells Fargo downgraded the defense contractors.
Lockheed was cut to Underweight from Equal Weight, while its price target was raised to $415 from $406 share. L3Harris was downgraded to Equal Weight from Overweight with a price target lowered to $238 from $272 a share.
The bank foresees a difficult year ahead with U.S. budgetary constraints and the possiblity that global political tensions will ease.
Wells Fargo reiterated its Overweight rating on General Dynamics ( GD ) and Equal Weight on Northrop Grumman ( NOC ).
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Lockheed, L3Harris fall after Wells Fargo downgrades on U.S. budget outlook