Lockheed Martin price target lowered to $500 from $543 at Wells Fargo

Wells Fargo analyst Matthew Akers lowered the firm’s price target on Lockheed Martin (LMT) to $500 from $543 and keeps an Equal Weight rating on the shares. The firm’s commercial aero view remains cautious on the pace of aero OE build ramp, similar to its December outlook. Wells’ company calls late in Q4 back up this view, the firm adds. For defense, funding concerns and DOGE risk likely remain an overhang, and Q4 is unlikely to offer much clarity. Lockheed Martin could possibly pre-fund 2025 pension payment in Q4 and/or take remaining MFC option exercise charges, both of which Wells would see as positives. Government services guidance raises could be more modest given uncertainty around CR extension to March, contends the firm.