LMT - This Defense Giant Trailed the Market in 2023: Time to Bet on the Stock's Turnaround in 2024?
2023-12-18 09:54:00 ET
If it feels like only large technology stocks went up in 2023, your feelings are correct. The market has been led by the explosive returns from the "Magnificent Seven" technology stocks, leaving virtually every other company in the dust.
One lagging stock this year was Lockheed Martin (NYSE: LMT) . The large defense contractor posted a total return of -6% in 2023 versus a 24.8% boost for the broad S&P 500 index.
Even though the threat of war continues in multiple regions around the globe, investors have soured on defense contractors such as Lockheed Martin. Its earnings multiple has collapsed, presenting investors with a chance to buy shares at a discount. So is it time to bet on a turnaround for Lockheed Martin in 2024 and buy the dip?
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This Defense Giant Trailed the Market in 2023: Time to Bet on the Stock's Turnaround in 2024?