Lockheed Martin is attractively valued to start the year, says Truist
CNBC••business
Key Points:
- Truist upgraded Lockheed Martin's stock rating to buy from hold, setting a new price target of $605, implying a 17% upside from the recent closing price.
- Lockheed Martin's shares have underperformed the S&P 500 over the past year, rising less than 11% compared to the index's 17% gain, making its current valuation attractive.
- The company trades at a forward price-to-earnings ratio of 17, below the S&P 500 average of 22 and lower than peers Northrop Grumman and RTX, indicating potential undervaluation.
- Analyst Michael Ciarmoli highlighted reduced risks from government cost-cutting initiatives and emphasized Lockheed Martin's strong competitive moat and
