Lockheed Martin price target lowered to $510 from $600 at Argus

Argus analyst John Eade lowered the firm’s price target on Lockheed Martin (LMT) to $510 from $600 but keeps a Buy rating on the shares and notes that the recent weakness in the stock represents a “buying opportunity”. Demand is strong, with a Q4 book-to-bill ratio of 1.6-times, and going forward, Lockheed Martin stands to benefit from its record backlog and existing government contracts, the analyst tells investors in a research note. Compared to its peer group, the stock also trades at meaningful discounts on P/E and price/sales, the firm added.