Lockheed Martin price target lowered to $550 from $570 at RBC Capital

RBC Capital lowered the firm’s price target on Lockheed Martin (LMT) to $550 from $570 but keeps an Outperform rating on the shares after its Q4 earnings. The company’s revenue in the quarter missed estimates by 1% at $18.6B, and the total segment operating income was $426M, reflecting large losses in development programs, the analyst tells investors in a research note. While the Aeronautics charges were unexpected, this was a prudent move given the low investor expectation for the stock, RBC notes. The firm adds however that the stock’s valuation “remains attractive”.