Aerospace and defense kingpin Lockheed Martin (NYSE:LMT) is scheduled to report its second-quarter 2023 results on July 18 before the market opens. The company’s quarterly performance is expected to have benefited from easing supply-chain issues and a rise in defense budgets due to geopolitical tensions.
Furthermore, the company’s major role in supplying arms to Ukraine against its war with Russia is encouraging. Also, LMT’s strong order backlog reflects well on its financial performance in the near term.
Currently, the Street expects Lockheed to post earnings of $6.45 per share in Q2, up considerably from $1.16 in the prior-year period. Meanwhile, revenue expectations are pegged at $15.9 billion, representing a year-over-year jump of 3%.
LMT Stock’s Technical Analysis Signals a Buy
Ahead of the Q2 earnings release, most technical indicators indicate that LMT stock is a Buy. According to TipRanks’ easy-to-understand technical analysis tool, the stock’s 50-Day EMA (exponential moving average) is 459.72, while the stock’s price is ~$470, making it a Buy. Further, LMT’s Trend Strength Indicator is 10.91, which also signals an uptrend.
Is Lockheed Martin Stock a Good Buy?
Overall, Wall Street is sidelined on LMT stock, with a Hold consensus rating. This is based on two Buy, eight Hold, and two Sell recommendations assigned in the past three months. The average LMT stock price target of $498 implies 5.8% upside potential from current levels. Shares of the company are up 8% in the past six months.
As per TipRanks data, the most accurate and profitable analyst for Lockheed Martin is Susquehanna analyst Charles Minervino. Copying the analyst’s trades on this stock and holding each position for one year would have resulted in 90% of your transactions generating a profit, with an impressive average return of 14.3% per trade.
