SPCE - Why Is Lockheed Martin (LMT) Stock Down Today?
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Lockheed Martin (NYSE:LMT) stock is on the move Friday after the company’s shares were hit with a downgrade.
Goldman Sachs analyst Noah Poponak is behind today’s bad news for LMT stock. This saw him downgrading the company’s shares from a “neutral” rating to a “sell” rating. For perspective, the analysts’ consensus for LMT shares is “hold” with 15 opinions.
Adding to this, the Goldman Sachs analyst lowered his price target for LTM stock from $388 per share to $332 per share. For the record, the analysts’ consensus price estimate for LTM shares is $469.56 each. Also, that $332 price target represents a potential 28% downside from Thursday’s close.
Why The Bearish Stance on LMT Stock?
Poponak said the following about the downgrade in a note to clients obtained by CNBC.
“The defense budget has grown significantly to an all-time high level, and with a large level of cumulative US government debt, focus on slowing spending growth or reducing it outright could return in 2023. LMT is highly diversified across the defense end-market, which means it often grows at similar rates as the budget.”
LMT trading volume is low today with some 578,000 shares on the move. The company’s daily average trading volume is about 1.5 million shares. Also, LMT stock is down 2.2% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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